Terumasa Koyanagi

The prosecutor are believed to have asked Koyanagi why the false statements were put out, and whether he was involved in alleged insider trading involving sales of Seibu Railway shares held by the company's parent firm, Kokudo Corp.

Seibu Railway said in October it had underreported the stakes held in it by major shareholders including Kokudo.

Koyanagi last April succeeded Hiroyuki Toda who resigned as Seibu Railway president over a payoff scandal involving a corporate racketeer.

Under Koyanagi, Seibu Railway submitted financial statements for fiscal 2003, containing false shareholding information, to the Kanto Local Finance Bureau.

Koyanagi stepped down as president Jan. 28 with the release of a restructuring plan for the Seibu group.

The Japan Times Weekly: Feb. 26, 2005
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