March 6, 2020 / 3:38 AM / a month ago

Probe panel on Kansai Elec's graft scandal to report findings on March 14

TOKYO (Reuters) - An independent committee investigating a graft scandal at Kansai Electric Power Co (9503.T), Japan’s second-largest utility, will release its findings on March 14, a representative of the committee said on Friday.

Kansai Electric said in September that 20 company officials had received payments and gifts worth 320 million yen ($2.9 million) from a local government official in Takahama where the company has a nuclear power station, hurting the Japanese public’s trust in nuclear power companies.

The utility’s President Shigeki Iwane said in October he would step down the day the third-party probe committee returns its findings to take responsibility for the scandal.

The committee will report its findings to the company and hold a news conference in Osaka on March 14, said a lawyer at law firm Mori Hamada & Matsumoto, which is representing the committee.

A Kansai Electric spokeswoman said the company plans to hold a board meeting to select a new president on that day, but when and how it discloses the findings haven’t been determined as of Friday.

Reporting by Yuka Obayashi; Editing by Muralikumar Anantharaman

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