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Japan-Update

Obayashi chief stepping down after maglev bid-rigging scandal

Japanese contractor is one of four companies embroiled in the case

Bid-rigging at Japan's major contractors suggests corporate governance reform has not made much headway.

TOKYO -- Japanese general contractor Obayashi on Tuesday said President Toru Shiraishi will step down in the wake of a bid-rigging case.

Shiraishi, 70, is to be replaced by Senior Managing Executive Officer Kenji Hasuwa, 64, effective March 1. 

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