NEC's elder statesman resigns in scandal
Article Abstract:
Chmn Tadahiro Sekimoto has assumed responsibility for a military-procurement scandal at NEC Corp, the world's second-largest computer-chip company, and has resigned. Sekimoto had not been directly linked to the scandal, which involves overcharging on defense contracts, but Japanese corporate custom requires that senior executives take responsibility for problems at their companies. At a news conference, Sekimoto said he will also resign other positions, such as his post at the Keidanren business organization. So far, 13 people from NEC and two subsidiaries, identified as Nico Electronics and Toyo Communication Equipment, have been arrested. Prosecutors say the affiliates overcharged a total of almost 1.7 billion yen, or $14.3 million. Some observers speculate that insiders at NEC may have told the Defense Agency about the overcharges because they wanted to force Sekimoto out.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Hope rides high on $2.5 billion equity issue by Korea Telecom
Article Abstract:
South Korea's largest phone company, Korea Telecom plans to trade it's shares for the first time, at $2.5 billion. The health of this offering is part of an influx again of foreign investments and a demand for wireless communications. After South Korea's economic collapse in 1997, 11 companies have been slated for privatization. Morgan Stanley Dean Witter is underwriting the offering.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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Company profile: Western Union (WU 20.29)
Article Abstract:
An evaluation and forecast for the shares of Western Union are presented. Western Union is a leader in the money transfer business with branches in over 300,000 locations. The immigration issue it faced in 2006 is discussed.
Publication Name: The Value Line Investment Survey (Part 2 - Selection & Opinion)
Subject: Business, general
ISSN:
Year: 2007
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