Toyota Shareholders Sue Execs over Daihatsu Testing Scandal

   Nagoya, Nov. 30 (Jiji Press)--Two Toyota Motor Corp. shareholders have filed a damages lawsuit against company executives including Chairman Akio Toyoda over major losses stemming from a vehicle certification test fraud scandal at unit Daihatsu Motor Co.
   The two filed a derivative suit with Nagoya District Court on Oct. 2, demanding 5.5 billion yen in damages. They allege that the executives--Toyoda, President Koji Sato and three former executive vice presidents--were negligent in supervising Daihatsu over the fraud, which came to light in April 2023.
   According to their petition, Toyoda and others failed to establish an internal control system to address risks after Toyota made Daihatsu a wholly owned subsidiary in 2016, and the parent did not hold Daihatsu directors to account even after an investigation report on the fraud was published.
   "Our company takes the certification test fraud issue seriously," a Toyota official said, adding that the automaker has published a group vision and that management is promoting corporate culture reform.
   After expressing regret over the suit, the official said Toyota will review its content and ensure that the company's efforts are accurately understood in court.

(2024/11/30-14:48)