Yoshiaki Tsutsumi

Yoshiaki Tsutsumi, 69, listed as the world's richest man by Forbes magazine in 1990, said he was stepping down as chairman and chief executive of Seibu Railway Co. Ltd. with immediate effect after some of his employees were charged with paying off racketeers.

On March 1, three Seibu executives -- Seiichi Ikura, senior managing director; Norihiro Kanno, head of the public relations department; and Masaru Kojima, head of the real estate department -- were arrested for allegedly giving ¥890 million worth of benefits in connection with real estate deals to a sokaiya corporate extortionist who had an equity stake in Seibu Railway.

The three were indicted March 19.

Tsutsumi will remain owner of the Seibu Lions baseball team and retain the chairmanship of six Seibu group companies, including Izuhakone Railway Co. Ltd., a resort rail firm and the only other publicly traded unit in the group, a spokesman for Seibu Railway said.

The Japan Times Weekly: April 24, 2004
(C) All rights reserved