Air Water President Resigns Amid Accounting Fraud Scandal
Air Water, a major Japanese industrial gas company, announced that President Ryosuke Matsubayashi will step down from his role as a director without representative rights, effective June 29, 2026. This decision comes as he takes responsibility for a significant accounting fraud scandal that inflated the company's operating profit by 21.2 billion yen over six years ending in March 2025. The fraud involved postponing losses and was attributed to excessive pressure from management. While a permanent successor has not yet been named, the company appointed two new representative directors: Yoshihiro Senzai, the current Outside Director and Chairman of the Board, and Yu Karato, Senior Managing Executive Officer and Chief Accounting and Finance Officer. These appointments were finalized during the regular general meeting of shareholders and board of directors held on April 17, 2026. The announcement follows the release of a final report by a special investigation committee composed of outside experts earlier this month. The scandal has shaken investor confidence and prompted immediate leadership changes to restore corporate governance standards within the organization.
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Air Water President Resigns Amid Accounting Fraud Scandal
Air Water, a major Japanese industrial gas company, announced that President Ryosuke Matsubayashi will step down from his role as a director without representative rights, effective June 29, 2026. This decision comes as he takes responsibility for a significant accounting fraud scandal that inflated the company's operating profit by 21.2 billion yen over six years ending in March 2025. The fraud involved postponing losses and was attributed to excessive pressure from management. While a permanent successor has not yet been named, the company appointed two new representative directors: Yoshihiro Senzai, the current Outside Director and Chairman of the Board, and Yu Karato, Senior Managing Executive Officer and Chief Accounting and Finance Officer. These appointments were finalized during the regular general meeting of shareholders and board of directors held on April 17, 2026. The announcement follows the release of a final report by a special investigation committee composed of outside experts earlier this month. The scandal has shaken investor confidence and prompted immediate leadership changes to restore corporate governance standards within the organization.
asahi