INSUBCONTINENT EXCLUSIVE:
Image copyrightGetty ImagesThe scandal erupting at Nissan, following the arrest of its chairman Carlos Ghosn over allegations of financial
misconduct, is far from the first crisis to hit Japan Inc
The allegations against Mr Ghosn - the boss of the Renault-Nissan-Mitsubishi strategic alliance - could have a seismic effect on the global
But Japan has, in recent years, dealt with a number of high-profile corporate scandals.Here are some of the most notable: The Olympus
affair In October 2011, Michael Woodford achieved something no other Westerner had done - he became the first non-Japanese person to be
named as chief executive of Olympus Corporation, the camera and electronics giant.Two weeks later, he was fired.Mr Woodford, who had worked
at Olympus for 30 years, had blown the whistle on a vast accounting fraud at the company.Image copyrightGetty ImagesImage caption
Michael Woodford blew the whistle on an accounting scandal at Olympus
After a string of denials, Olympus finally
was forced to cut thousands of jobs
Toshiba's irregular accounting Corporate governance in Japan came under the spotlight again in 2015 when Toshiba revealed that it had
overstated its operating profit by nearly $1.2bn.After the accounting scandal at the industrial conglomerate emerged, Japan's finance
minister Taro Aso warned of the wider implications for the country's reputation."If [Japan] fails to implement appropriate corporate
governance, it could lose the market's trust," he said
Image copyrightGetty ImagesAn independent report examining Toshiba found that its improper accounting practices went back to 2008 when the
global financial crisis hit.The report said employees were under pressure to meet aggressive earnings targets."Within Toshiba, there was a
corporate culture in which one could not go against the wishes of superiors," it said
Lawsuits were filed.But life remained tough for Toshiba and its US nuclear business Westinghouse was forced to file for bankruptcy
Westinghouse was sold for $4.6bn to Canada's Brookfield Business Partners earlier this year.Takata's deadly airbags Takata was an automotive
parts manufacturer which was founded in 1933 by Takezo Takada.But by 2017, under the stewardship of his grandson, Shigehisa Takada, the
company had become mired in a global scandal over faulty airbags that were linked to numerous deaths and hundreds of injuries.Image
copyrightReutersImage caption
A fault in Takata's airbags caused some to rupture when inflated
Takata's
troubles started when it began using a chemical called ammonium nitrate to quickly inflate airbags in vehicles
Some inflated with such force, they spewed shrapnel at drivers and passengers leading to injuries and in some cases, death
Takada was forced to recall millions of airbags which, along with a multi-million dollar wave of legal claims, forced the firm to seek
bankruptcy protection and prompted the resignation of Mr Takada.The company was bought by US-based Key Safety Systems earlier this year.Kobe
Steel's data scandal The travails that emerged at Japan's third-largest steelmaker had potentially wide-reaching implications - Kobe Steel
supplies its products to makers of cars, planes and trains around the world.It came to light in October 2017 that some of Kobe's staff had
changed or falsified data about the quality of some of its goods before they were shipped to customers
Image copyrightGetty ImagesImage caption
Kobe Steel's chairman and chief executive Hiroya Kawasaki resigns
Kobe Steel revealed almost 700 instances of "misconduct" and admitted it had "deep-seated issues" around corporate culture and compliance,
though no safety issues have been reported
An investigation into the scandal this year found the firm's management style overemphasised profitability and suffered from inadequate
corporate governance.Two executives in Kobe's aluminium and copper division knew about the falsification of data but took no action and were
subsequently fired.Kobe Steel's chairman and chief executive Hiroya Kawasaki also resigned in April.Nissan's emissions failureFollowing the
"dieselgate" scandal that engulfed German carmaker Volkswagen, Japan faced its own emissions crisis
Nissan admitted in July that some emissions and fuel economy tests for its cars sold in Japan had "deviated from the prescribed testing
environment".Image copyrightGetty ImagesThe company also said that inspection reports had been "based on altered measurement values".Nissan
pledged to conduct a comprehensive investigation and said measures would be taken to ensure the situation did not happen again.The scandal
delivered a hit to Nissan's reputation but contrasts to the troubles at VW, where the firm was found to have falsified emissions levels by
installing "defeat devices"
