Idemitsu Kosan : Announcement on the Establishment of a Special Investigation Committee at Showa Yokkaichi Sekiyu Co.,Ltd.
May 27, 2022 at 03:40 am EDT
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May 27, 2022
Press Release
Company Name: Idemitsu Kosan Co., Ltd.
Representative Director & Chief Executive
Officer: Shunichi Kito
(Company Code: 5019, TSE Prime Market) Contact person:
Munehiro Sekine, General Manager,
Investor Relations Office, Finance & Accounting
Department (TEL: +81-3-3213-9307)
Announcement on the Establishment of a Special Investigation Committee at
Showa Yokkaichi Sekiyu Co., Ltd.
In "Announcement on Inappropriate Activity regarding Product Testing at Showa Yokkaichi Sekiyu Co., Ltd." announced on May 23, 2022, Idemitsu Kosan Co., Ltd. (hereinafter, "Idemitsu") disclosed that Yokkaichi Refinery (1 Shiohamacho, Yokkaichi City, Mie Prefecture) of its subsidiary Showa Yokkaichi Sekiyu Co., Ltd. ("Showa Yokkaichi Sekiyu") failed to conduct a part of required product testing on petroleum products in the past, violating the Act on the Quality Control of Gasoline and Other Fuels (the "Incident"). We deeply apologize to our customers and other stakeholders for undermining trust in our operations.
Idemitsu hereby announces that Showa Yokkaichi Sekiyu yesterday passed a resolution to establish a special investigation committee aimed at investigating the facts and identifying the causes of the Incident. For details, please refer to Showa Yokkaichi Sekiyu's press release disclosed today entitled "Announcement on the Establishment of a Special Investigation Committee."
The results of the investigation will be timely disclosed.
We deeply regret this occurrence and will continue our proactive efforts to strengthen the quality control framework of the overall Idemitsu group.
Attachment
May 27, 2022
Press Release
Showa Yokkaichi Sekiyu Co., Ltd.
Announcement on the Establishment of a Special Investigation Committee
Following the inappropriate activity relating to product testing at Yokkaichi Refinery (1 Shiohamacho, Yokkaichi City, Mie Prefecture) announced in "Announcement on Inappropriate Activity relating to Product Testing at Showa Yokkaichi Sekiyu Co., Ltd." on May 23, 2022 (the "Incident"), Showa Yokkaichi Sekiyu Co., Ltd ("Showa Yokkaichi Sekiyu") hereby announces that its board today passed a resolution to establish a special investigation committee composed of external experts and outside directors, as follows.
We would like to express our deepest apologies to our customers and other stakeholders for undermining trust in our operations.
Purpose of Establishing a Special Investigation Committee
To investigate the facts and to identify the causes of the Incident
To formulate and advise on initiatives to preventing recurrence of the Incident
Other items that the committee determines to be necessary
Members of the Special Investigation Committee
Chair
Shoichiro Niwayama (Attorney-at-law, Asahi Law Office)
Member
Yoshiro Yanase (Chief researcher, Tokio Marine dR Co., Ltd.)
Member
Hiroki Haba (outside director of Showa Yokkaichi Sekiyu)
Member
Michitoshi Fujita (outside director of Showa Yokkaichi Sekiyu)
3. Future Countermeasures
Showa Yokkaichi Sekiyu will provide full cooperation with the special investigation committee's
efforts. Results of the committee's investigations will be disclosed in a timely manner in the future.
-Contact Information-
Showa Yokkaichi Sekiyu Co., Ltd.
Human Resources and General Affairs Department
TEL: +81-59-347-5511
URL:https://syskk.co.jp/
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Idemitsu Kosan Co. Ltd. published this content on 27 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 May 2022 07:36:51 UTC.
Idemitsu Kosan Co., Ltd. is specialized in the production and refining of petroleum products. Net sales break down by category as follows:
- refining of petroleum products (78.8%): fuels, lubricants, kerosene, etc. At the end of March 2019, the group operated 6 refineries in Japan;
- manufacturing of petrochemical products (12.5%): activity carried out in 2 production sites located in Japan;
- exploration and production of oil, coal, uranium and geothermal resources (7%);
- other (1.7%).
Net sales are distributed geographically as follows: Japan (69.8%), Asia-Pacific (19.2%), North America (7.2%), Europe (2.4%) and others (1.4%).
IDEMITSU KOSAN CO., LTD. 
