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Police arrest former denden boss Police arrested March 5 the former president of bankrupt discount fixed-line phone operator Heisei Denden Co. and four other related people for defrauding three investors of ¥100 million through false advertising. The police said they suspect the company and a related firm, Heisei Denden System, defrauded at least 19,000 investors of about ¥30 billion of the ¥49 billion collected from them in or around 2003, believing the ¥30 billion was gathered after Heisei Denden went virtually bankrupt in January 2005. Besides Kenji Sato, 55, former president of Heisei Denden, and Norio Kumamoto, former president of Heisei Denden System, the police arrested two former executives and a former employee of the two companies. They also searched Sato's house in Tokyo's Shinagawa Ward and other related locations March 5.
The Japan Times Weekly: March 10, 2007 |
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