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Kobe Steel Ltd.'s probes into falsified product data will potentially reveal that the cheating practice started more than 19 years ago, according to a source. This further complicates a scandal that has wiped around $1.6 billion of the Japanese steel maker's market value in just over a week.
As the company attempts to contain the repercussions from the data cheating disclosure on October 8, it also briefed market analysts that short-term liquidity will not be a problem as it looks to generate cash including thru asset sales.
The company's global assessment of its business units will most likely show the instance of data fabrication goes back further, according to an anonymous company executive. Last week, the firm said that the oldest known cheating activity so far dates back to 2007. On Tuesday, citing unnamed sources, Nikkei reported that irregularities over quality control at Kobe facilities in Japan date back decades
People familiar with the matter also said that the company is considering to sell off its real estate unit. Analysts said that while the firm has sufficient cash and funding to fill short-term needs, the company is looking to raise money by reducing working capital and via asset sales.
Last week, Kobe's stock nosedived 41 percent as investors rushed to sell off the latest misconduct in Japan's corporate scene.
