Japanese Railway Tycoon (And Former World's Richest Man) Indicted on Fraud Charges

Manchichi Daily News has the story:

Railway tycoon Tsutsumi indicted over Seibu stock scandal

Yoshiaki Tsutsumi, the former boss of the Seibu Railway group and at one time the richest man in the world, was indicted Wednesday for false entry into the railway operator's report on stock ownership and insider trading, prosecutors said.

The Tokyo District Public Prosecutors Office also prosecuted Kokudo and Seibu Railway as entities for insider trading and false entry in the stock ownership report, respectively. After being charged, Tsutsumi, 70, asked the Tokyo District Court to release him on bail.

Tsutsumi conspired with then Seibu President Terumasa Koyanagi to falsely describe shares in the railway firm held by Kokudo as those owned by individuals in its stock ownership report, according to the indictment.

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Tsutsumi has since been released on bail (100 million yen).

-- MDT