Singapore | Blue diamond initial coin offering cancelled

A Singapore-based company has called off a USD2 million initial coin offering backed by a 2.08-carat blue diamond that gave investors a chance at a raffle for a luxury dinner. The event’s organizer, V Diamonds, said yesterday that it would process thousands of refunds for investors who bought tokens for an ownership stake in the ring. V Diamonds’ founder Ville Oehman agreed to buy the ring and dinner from the Russia-based World of Diamonds Group as part of a wider promotion. In November he began selling the tokens for $2 or more. Investors had a chance to win a lavish dinner on a private jet, enlivened by fireworks.

In a joint statement, V Diamonds and the World of Diamonds Group said the cancellation was a “mutual decision.”

Japan | Kobe Steel chief quits as report finds new misconduct cases

The chief executive of major Japanese steelmaker Kobe Steel is stepping down over a scandal that surfaced last year involving massive falsification of data from inspections of the company’s products. Hiroya Kawasaki, who is also chairman and president, said yesterday he is stepping down from all three positions. Kawasaki, 63, resigns after Japan’s third-biggest steelmaker said an independent investigation into its faked data scandal found further instances of misconduct. He will step down April 1 and his successor will be selected in coming days, the company said in a statement.