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Value of Gifts to Kansai Elec Execs Starts Surging in 2014

Value of Gifts to Kansai Elec Execs Starts Surging in 2014

   Osaka, Oct. 7 (Jiji Press)--The value of cash and goods given by an influential late former Japanese municipal official to six executives of Kansai Electric Power Co. <9503>, including President Shigeki Iwane and Chairman Makoto Yagi, started to surge in 2014, according to an investigation report from the company.
   In 2012, the six received a total of 3.5 million yen's worth of cash and goods from Eiji Moriyama, former deputy mayor of the town of Takahama, Fukui Prefecture, central Japan.
   The total value of such gifts rose sharply to 34 million yen in 2014 and to some 51 million yen in 2015. In 2017, five executives received 100 million yen's worth of gifts, mainly cash, in total.
   During the period, it was important for Kansai Electric to win local support after all four reactors at its Takahama nuclear power station in the town were idled following the March 2011 triple meltdown at Tokyo Electric Power Company Holdings Inc.'s <9501> tsunami-hit Fukushima No. 1 nuclear plant in northeastern Japan. Contacts between Kansai Electric officials and Moriyama may have increased as a result, pundits said.
   Following reactor shutdowns, Kansai Electric incurred huge annual recurring losses from fiscal 2012 to fiscal 2015 due to a surge in costs to operate thermal power plants standing in for the suspected reactors.

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