Tsutsumi out on ¥100 million bail | 日本のニュースを英語で読むならジャパンタイムズウィークリー


	UPDATE: Saturday, June 12, 2010 The Japan Times Weekly 2005年4月2日号（バックナンバー）

News

Affiliated sites

Tsutsumi out on ¥100 million bail

Yoshiaki Tsutsumi

Former Kokudo Corp. Chairman Yoshiaki Tsutsumi, 70, was released March 24 on ¥100 million bail after being charged the previous day with making false reports on the company's shareholdings in Seibu Railway Co. and engaging in insider trading of the railway's shares.

Kokudo effectively controls Seibu Railway and other Seibu group companies, including ski and golf resorts, and a hotel chain.

Tsutsumi was arrested March 3.

According to investigators, Tsutsumi instructed Seibu Railway to falsely claim in its securities report presented last June that it was owned 43.16 percent by Kokudo, when in fact Kokudo owned 64.83 percent.

Between August and September, Tsutsumi arranged to sell 72 million shares in Seibu Railway to the Seibu group's business partners and other investors, and generated around ¥21.6 billion in revenue without mentioning the false ownership claim, investigators said.

On March 22, the Securities and Exchange Surveillance Commission filed a criminal complaint with prosecutors against Tsutsumi for alleged insider trading.

Main Page　｜　Japan Times Online　｜　Subscribe　｜　link policy　｜　privacy policy