Getting Seibu back on track | 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11月5日号（バックナンバー）

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Getting Seibu back on track

Seiji Tsutsumi

Two members of the Seibu group's founding family announced a plan Oct. 31 to buy out Seibu Railway Co. through a public tender offer, a move seen as an attempt to thwart rehabilitation efforts by the railway's current management.

Yuji Tsutsumi, brother of former Kokudo Corp. Chairman Yoshiaki Tsutsumi, and his half-brother Seiji Tsutsumi said they had already told Kokudo about the plan. Kokudo, a privately held hotel and sports facility chain operator, effectively controls the Seibu group.

Yuji Tsutsumi

Takashi Goto, the current president of the railway firm, is working with the former Kokudo chairman to restructure the Seibu group under a holding company structure.

Yoshiaki Tsutsumi, once ranked the richest man in the world, was convicted Oct. 27 of falsifying financial statements, sentenced to a suspended prison term and fined ¥5 million. He separately faces a civil damages suit filed by a major pension fund for investment losses.

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