Despite Sawakami's position as a major shareholder, Takata's top execs didn't answer the investor's questions or offer a plan to fix things. "We could not help feeling the management is not trustworthy," Takahiro Kusakari, a fund manager at Sawakami, said to Bloomberg. The investor didn't see any progress in the crisis under the current bosses and decided to sell the shares.
The loss of a major investor is a serious blow to the company, but it's only one of the disasters for Takata this year. The auto supplier is on the hook for a $70 million fine from US regulators, which could balloon to $200 million under certain circumstances. The business also must phase out production of parts with ammonium nitrate propellant both here and in Japan.
Takata's losses could spread into the future because automakers like Ford and Honda don't want to use its inflators anymore. A judge also recently cleared the way for a class-action lawsuit to proceed, which likely means growing legal bills.