TOKYO: The chairman of a Japanese power firm resigned Wednesday after admitting he and other executives received money and gifts worth around $3 million from a town hosting one of their nuclear plants.
The money and gifts were given to some 20 executives over the course of seven years from 2011 by the late deputy mayor of Takahama town, where Kansai Electric (KEPCO) has a nuclear plant.
"I and (KEPCO president Shigeki) Iwane have decided to step down to clarify our management responsibility over the situation," KEPCO Chairman Makoto Yagi told reporters after a board meeting.
Yagi's resignation is effective immediately, but Iwane will stay on until an independent probe into the scandal is complete later this year, he said.
The gifts came to light after investigations by tax authorities into the late deputy mayor Eiji Moriyama.
According to local media, tax agency investigations found that Moriyama received a 300-million-yen commission from a local construction company hired for projects at the Takahama plant.
Moriyama reportedly told tax authorities he had decided to give KEPCO officials the money in the form of both cash and gifts as a token of his appreciation.
Yagi and Iwane apologised after the scandal came to light, but initially refused to step down.
They changed their mind after being heavily criticised and realising the damage being done to the public's trust in KEPCO, executives said.
On Wednesday Iwane apologised again, and said he will assume a "last mission" of revealing the whole truth of the scandal by cooperating with the independent probe committee, which is due to issue a report in December.
The executives have said they planned to return the gifts and money "at the right time".
"We were afraid our relationship with the local government would be damaged" if the gifts and money were rejected, Iwane has said.
It was not immediately clear if KEPCO, which runs the Takahama nuclear plant with four reactors in central Fukui prefecture, will face sanctions over the incident.
Japanese power firm executives quit over $3 million gift scandal
Japanese power firm executives quit over $3 million gift scandal
- Yagi's resignation is effective immediately, but Iwane will stay on until an independent probe into the scandal is complete
Global investors commit more than $3bn to King Salman Park as Saudi giga-project secures new deals
RIYADH: The King Salman Park Foundation has secured more than $3.8 billion in new private-sector commitments at the MIPIM 2026 real estate conference, including a landmark $3 billion fund backed by international investors to develop a major mixed-use district in the heart of Riyadh.
According to a press release, the announcements bring total committed investment in the 17.2 sq. kilometers urban regeneration project to over $5.3 billion across five major packages.
Launched in 2019 under Saudi Vision 2030, the development is designed to be the world’s largest city park and aims to boost green space, improve quality of life, and feature over 1 million trees and extensive leisure facilities.
A $3 billion metro-connected district
The largest of the two packages, designated Package 5, will see a consortium led by Kolaghassi Development Co. deliver a residential-led district with a total built-up area exceeding 1 million sq. meters.
It will provide approximately 3,700 residential units, a K–12 school, around 300 hospitality keys and more than 100,000 sq m of Grade A office space alongside a wide variety of retail and dining offerings.
The development is supported by a Saudi-domiciled, Capital Market Authority-regulated fund managed by Mulkia Investment Co. that has attracted leading investors from the Kingdom and across the world.
Kolaghassi Development Co. will lead the project alongside Al Othaim Investment, one of the Kingdom’s real estate players, and RXR, a New York-headquartered real estate investor and operator.
“Securing investment of this scale, supported by international capital and expertise, is an important milestone for King Salman Park,” said George Tanasijevich, CEO of King Salman Park Foundation.
$850 million cultural district package
In a separate announcement, the Foundation confirmed the award of Package 4 to a consortium led by Retal Urban Development Co., with support from a fund managed by SAB Invest.
The project has a total value exceeding $850 million and will host more than 600 residential units, over 140 hotel keys, and almost 50,000 sq m of Grade A office space, alongside curated retail and food and beverage experiences.
“This opportunity reflects the maturity of Saudi Arabia’s real estate investment landscape and our confidence in culture-led, mixed-use urban destinations as a driver of sustainable returns,” said Abdullah Al-Braikan, CEO and founder of Retal Urban Development Co.
Ali Al-Mansour, CEO of SAB Invest, said the fund structure brings together “long-term capital, experienced development partners, and a shared commitment to place-making excellence” while contributing to Riyadh’s cultural vibrancy and the Kingdom’s quality-of-life ambitions under Vision 2030.
