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Takata shareholders demand answers at final AGM

Tuesday, June 27, 2017 - 01:41

Japanese auto parts maker Takata Corp expressed condolences on Tuesday to victims of its faulty air bags linked to at least 16 deaths and 180 injuries around the world, but stopped short of offering a full apology. It came as shareholders demanded answers at the firm's final AGM.

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It's expressed condolences to the victims of its faulty air bags linked to at least 16 deaths. But only after media criticism - Takata didn't address victims at a news conference on Monday And there's still been no full apology. That didn't impress shareholders who got their chance to demand answers at the firm's AGM - its last as a listed company. (SOUNDBITE) (Japanese) UNIDENTIFIED SHAREHOLDER SAYING: "I think as a shareholder I am not happy with the management's handling of the last few years so I want to see it through to the end." Takata filed for bankruptcy protection in Japan and the U.S. on Monday after almost a decade of recalls and lawsuits. Some are now questioning whether justice has been done. (SOUNDBITE) (Japanese) UNIDENTIFIED YOUNG MALE SAYING: "I get the feeling they are trying to just sweep everything under the carpet by saying the company is bankrupt. They are blaming Takata, but I don't think there's been enough confirmation on whether the companies who used the airbags are also to blame." Takata is the biggest Japanese manufacturer to go bankrupt after facing tens of billions of dollars in liabilities. Its shares will be delisted at the end of July - their value has dropped more than 90 percent since its last major stock price peak in 2014. The company will be divided in two - it's "healthy" division, which includes seatbelts and steering wheels, will go to Chinese-owned and US-based Key Safety Systems. Takata's U.S arm will continue to supply replacement inflators for the recall. The company's CEO and executives are expected to resign at the beginning of 2018.

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Takata shareholders demand answers at final AGM

Tuesday, June 27, 2017 - 01:41