IHI Power Systems’ fuel-data falsification: engineering that deceived engineering (2024)
A numbers company, and trust in its own numbers
The weight of this misconduct lies, it seems, less in the size of the sums than in the fact that it had been handed down as a shop-floor practice for some forty years. That it was passed on by word of mouth, never documented, points less to an individual’s deviation than to the problem of an organizational air that had permitted making the numbers look better. President Ide’s words — that “a company built on technology has ended up deceiving technology itself” — can be seen to strike at the paradox that the prouder a company is of its technology, the more it is bound by the correctness of the numbers that underwrite it.
IHI is pressing its concentration on aero-engines and trying to grow defence and decarbonization into its next pillars. Yet in every one of these fields, no differently from marine engines, measured figures underpin contracts, safety and regulation. Alongside the strategic debate over where to concentrate its businesses, the question of how to govern the figures those businesses produce is once more thrust upon this company, which has now passed through misconduct twice. On a plane apart from the skill of its concentration, how to rebuild the trust it has lost has become, it seems, a heavy premise for the next reconstruction.
Revenue and net margin, FY2019–FY2026
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY2024 onwards — after it was taken.
Source: securities reports
Read the full dossier in Japanese →
The Japanese edition carries the complete record of this decision — the situation that forced it, the options weighed, what actually followed, and the sources behind every claim.
Other key decisions at IHI Corporation
- 1960 Merging with Harima to found Ishikawajima-Harima Heavy Industries (1960)
- 1987 Becoming a “2.5-tier-industry company” in the shipbuilding slump (1987)
- 2000 Acquiring Nissan’s aerospace business and turning to aviation and space (2000)
- 2002 Spinning off shipbuilding: the founding of IHI Marine United (2002)
- 2008 False statements in securities reports and the largest surcharge of its day (2008)
- 2024 Concentration on aero-engines and a record loss from the GTF burden (2024)
Yen amounts are converted at the average rate of each figure’s own year — not today’s rate; the revenue chart is shown in yen. Exchange rates & sources — the full ¥/US$ table →
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Data API
IHI Corporation’s history, financials, executives and
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Full specification →
| Method | Endpoint | Returns |
|---|---|---|
| GET | /api/companies.json | All companies |
| GET | /api/7013/manifest.json | Resource index |
| GET | /api/7013/history.json | History overview |
| GET | /api/7013/timeline.json | Chronology |
| GET | /api/decisions.json | All management decisions (index) |
| GET | /api/7013/decisions.json | Management decisions (index) |
| GET | /api/7013/decisions/{slug}.json | One decision (full dossier) |
| GET | /api/7013/executives.json | Executives |
| GET | /api/7013/shareholders.json | Major shareholders |
| GET | /api/7013/financials.json | Financial statements |
| GET | /api/7013/financials-longterm.json | Long-term results |
| GET | /api/7013/segments.json | Business segments |
| GET | /api/7013/regions.json | Sales by region |
| GET | /api/7013/workforce.json | Workforce |