Kanebo vice chief bullied accountants | 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8月6日号（バックナンバー）

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Kanebo vice chief bullied accountants

Former Kanebo President Takashi Hoashi (left) and former executive Kenzaburo Shimada consult with each other at a media conference Feb. 16, 2004.

Former Kanebo Ltd. Vice President Takashi Miyahara, under arrest on suspicion of violating the Securities and Exchange Law, allegedly threatened the company's accounting executives into creating falsified financial statements, it was learned Aug. 1.

On July 29, prosecutors arrested Miyahara, 63, along with former President Takashi Hoashi (pictured) and former executive Kenzaburo Shimada, for allegedly submitting false financial statements to authorities.

According to sources close to Kanebo, Miyahara instructed the firm's accounting section to window-dress the financial statements for fiscal 2001. When the section balked, he severely criticized its executives, the sources said.

The three arrested executives allegedly covered up a capital deficit of more than ¥70 billion in fiscal 2001 and 2002, and a ¥5.7 billion consolidated net loss in fiscal 2001, according to prosecutors.

The falsified reports for those years claimed Kanebo had a capital surplus of ¥900 million in 2001 and ¥500 million in 2002, and a net profit of ¥70 million.

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