8 Worst Corporate Scandals in Japan

4. Kanebo Ltd.

$1.6 billion

Kanebo Cosmetics was founded in 1887. The Japan Times reported that four certified public accountants were arrested for this scandal. Kuniaki Sato, Seiichiro Tokumi, Kazutoshi Kanda and Kazuya Miyamura were suspected of producing false financial statements. They denied these allegations and said that it was not done intentionally. Former president and the vice president of the company both received suspended jail sentence.

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