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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. 

The president's resignation follows a scandal over rigged bidding for projects related to Japan's planned maglev bullet train line, the Linear Chuo Shinkansen. The allegations hit not only Obayashi but three other major contractors as well: Taisei, Shimizu and Kajima.

Shiraishi has been leading Obayashi since 2007.

(Nikkei)

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