Kansai Electric auditors knew of gift coverup before general meeting

Auditors at Kansai Electric Power Co. were aware that officials had received improper gifts even before a general shareholders' meeting in June, and had raised questions on how management had dealt with the issue, sources close to the matter said Thursday.The latest revelation has brought to light the inadequacy of the auditors, who failed to publicize the issue and perpetuated the coverup, despite their responsibility to monitor management.The power company disclosed Wednesday that 20 officials had received about 320 million yen ($3 million) worth of gifts since 2006 from Eiji Moriyama, th…READ FULL ARTICLE