DY: Tsutsumi's arrest marks end of an era. TFP: It's just a beginning.
Tsutsumi had already apologized in 2004Yoshiaki Tsutsumi, 70, had already stepped down in March last year as the Chairman of Seibu Railway Co., flagship entity of the Seibu empire he inherited from his father, Yasujiro Tsutsumi, to take his responsibility for a payoff scandal where he paid corporate racketeers a lot of money to silence them. But now that the Tokyo District Public Prosecutors arrested Tsutsumi for a 10-day detention period, the man who has been named the world's wealthiest billionaire six times by Forbes magazine is facing charges of violations of the Securities Exchange Law.
It doesn't really matter over what charges Tsutsumi was arrested this time because his entire career as corporate leader which started 40 years ago has not been built up in a law-abiding way. Also in 1965 he already inherited the loot from his father, another criminal who had once been the Lower House Speaker a little before the birth of the 1955 System. But just for your reference, his charges this time are 1) falsification of the Seibu's annual securities report (Japan's SEC report) for fiscal year 2003 and 2) insider trading. · read more (1,013 words)
