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February 18, 1999


By CBR Staff Writer

Japanese electronics giant NEC Corp’s troubled year will end in blood on the boardroom carpet, with president Hisashi Kanako taking the fall for the company’s downturn. NEC is expected to post losses of 150 billion yen ($1.25bn), substantially worse than its earlier estimate of 35 billion yen. It has suffered from the self-defense agency scandal last year when Toyo Communications, a subsidiary of NEC, overcharged the Japanese Defense Agency and conspired to keep the cash. Since then, it has lost its status as approved supplier to several government agencies. Senior managing director Koji Nishigaki is expected to be promoted to the presidency on April 1, according to NEC officials. There will be an extraordinary meeting of the board on Friday to deal with the new appointments.

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