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Japanese shares slump on governance worries, JDI tumbles as bailout falters

Stock Markets Sep 27, 2019 04:30
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© Reuters. Japanese shares slump on governance worries, JDI tumbles as bailout falters

By Stanley White

TOKYO, Sept 27 (Reuters) - Japanese shares fell on Friday by

the most in almost five weeks due to worries about corporate

governance after a media report that executives from Kansai

Electric Power Co Inc 9503.T received payments from a former

official of a town that hosts one of the utility's nuclear power

plants. Shares in Apple Inc AAPL.O supplier Japan Display Inc

6740.T tumbled by the most in three months after an

influential Chinese investor withdrew from a financial bailout

of the troubled smartphone screen maker, increasing the chance

of the 80 billion yen ($742.46 million) deal collapsing.

At 0155 GMT the Nikkei index was down 1.34% at 21,752.13.

Kansai Electric's President Shigeki Iwane told reporters on

Friday that he and some other executives had received 320

million yen payments from a person outside the company over a

period of seven years.

The deputy mayor of the town hosting the nuclear power plant

had told tax authorities he provided the money to Kansai

Electric officials as a token of appreciation for supporting the

town, Kyodo reported.

Iwane told reporters he and other officials were punished

internally, but the payments raise questions about how Kansai

Electric's internal controls allowed the officials to receive

the money in the first place.

Nikkei shares were on course for a 1.50% decline this week,

which would be the biggest weekly decline since Aug. 9, as

sentiment for stocks weakened globally due to concerns about an

impeachment probe of U.S. President Donald Trump. There were 202 decliners on the Nikkei index against 20

advancers on Friday.

The largest percentage losses in the index were Kansai

Electric down 7.43%, followed by Chiba Bank Ltd 8331.T losing

5.44% and NTN Corp 6472.T down by 5.26%.

The largest percentage gainers in the index were Fanuc Corp

6954.T up 1.18%, followed by Rakuten Inc 4755.T gaining

0.84% and DeNA Co Ltd 2432.T up by 0.69%.

The broader Topix .TOPX was down 1.60% at 1,597.37.

The volume of shares traded on the Tokyo Stock Exchange's

main board .TOPX was 0.49 billion, compared to the average of

1.16 billion yen in the past 30 days.

($1 = 107.7500 yen)

Apple supplier Japan Display loses out on Chinese funds, bailout

at risk Kansai Electric to hold news conference on reports of

payments report complains of White House cover-up on

Trump-Ukraine scandal ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Japanese shares slump on governance worries, JDI tumbles as bailout falters
 

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