Chubu Electric president to resign following nuclear data scandal, Nikkei says

By Reuters News

TOKYO, Sept 14 (Reuters) - The president of Japan's Chubu Electric Power 9502.T is expected to resign after the firm was found to have submitted falsified seismic data in its application to restart the Hamaoka nuclear power plant, the Nikkei newspaper reported on Sunday.

Chubu will withdraw its application to restart two nuclear reactors at the plant, the paper reported on Friday.

Chubu's Hamaoka plant, in central Japan, had been undergoing a safety review in an effort to restart its nuclear reactors. Japan's nuclear watchdog had suspended a review following the data scandal and on Monday, Chubu released the regulator's investigatory report into the matter.

The incident could derail Japan's efforts to resume operation of its nuclear reactors, all 54 of which were suspended in the wake of the 2011 Fukushima earthquake and tsunami.

Earlier this year, Tokyo Electric Power restarted its reactor at Kashiwazaki-Kariwa, the world's biggest nuclear power plant.

The resignations of Chubu Electric President Kingo Hayashi and Chairman Satoru Katsuno are expected to be announced on Monday; Minoru Yasui, who is currently a director, will become president, the Nikkei said.

Separately, Chubu said last month that it had altered documents submitted to Japan's nuclear decommissioning fund manager in relation to the No. 1 and No. 2 plants at the Hamaoka site, which are currently being dismantled.

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.