Kobe Steel blames data scandal on focus on profit, lack of controls

Kobe Steel Ltd said on Friday a lack of quality controls and a focus on profits 

No kidding? Tell us all something we don't know.

Perhaps the title of the article should be, "Kobe Steel admits this scandal is due to a lack of quality controls and a focus on profits"

I have a feeling this is really going to hurt their business. The article also says,

"As of Friday, the company said 474 out of 525 affected customers found no safety issues or their products were deemed safe by Kobe Steel, up from 470 earlier this week."

If I was buying or using Kobe Steel manufactured product in any application critical to safety or the environment I would certainly not take Kobe Steel's word for it and I would hire my own 3rd Party to perform the investigation.

Improving our management and corporate governance and instilling a culture where employees can say anything are imperative

Pillars of Japanese company management, see evil, hear evil, say nothing, collect bonuses

The scandal is due to incompetent, greedy, entitled management who know they will never be properly held to account for their actions so grab the money and stuff everyone else!

In other words greed. Go to jail, go directly to jail, do not pass go, do not collect $200.

has posted losses in the last two business years

Can’t have been focused too much on profits after all then.