Former richest man in world arrested

Justin McCurry in Tokyo
Friday March 4, 2005
The Guardian

The Japanese property tycoon Yoshiaki Tsutsumi, once the richest man in the world, has been arrested on suspicion of approving falsified financial statements and insider trading.

The allegations centre on Mr Tsutsumi's role as the former chairman of Kokudo, the major shareholder of the regional railway firm Seibu. Prosecutors allege that he and other executives conspired last June to falsify Seibu's 2003 financial statement, claiming that Kokudo's stake in the railway firm amounted to 43.1%, though the true figure was 64.8%.

The local media reported that he fabricated hundreds of individual shareholders whose shares were actually owned by Kokudo. By understating their stake, the executives attempted to bypass Tokyo stock exchange rules, which forbid a firm's top 10 shareholders from owning more than an 80% total stake.

Mr Tsutsumi was also allegedly involved in the sale of 180m Seibu Railway shares last September to business partners to reduce Kokudo's stake in the company in breach of rules on insider trading.

http://www.guardian.co.uk/japan/story/0,7369,1430319,00.html

How do you think he got to be the world's richest man?

:eyes:

Check this page out

Top 10 Richest Men Of All Time
http://askmen.com/toys/top_10/11b_top_10_list.html

It likes to list dead people and this guy didn't even make the list. Never lists any kings or queens of yore also.

or this forbes

The World's Richest People
http://www.forbes.com/2004/02/25/bill04land.html

WORLD’S RICHEST MEN DUMP DOLLAR

Why are the world’s richest men dropping the dollar? What impact does this have on your listening audience? What can your listeners do to protect themselves financially, just as the world’s wealthy men are doing?

Financial Expert/CEO Craig R. Smith of Swiss America Trading Corporation is conducting interviews to show your listeners what they can do to protect themselves for “the incredible shrinking dollar.”

During the interview, Craig gives some alarming examples of dollar dumpers, including:

Bill Gates, chairman of Microsoft Corp. told television host Charlie Rose, ``I'm short the dollar.'' The world's wealthiest man called the record $7.62 trillion federal debt ``a bit scary'' and lamented that the U.S. is in ``uncharted territory'' fiscally.

Warren Buffett, the world's No. 2 moneyman, who has been buying foreign currencies since 2002, cites concerns about the U.S. deficit. Buffett's Berkshire Hathaway Inc. reaped a $412 million pretax gain on the trade in the third quarter of 2004.
(snip)
http://specialguests.com/guests/viewnews.cgi?id=EEpZFykllyezoKfOGQ&style=Full%20Article

hmm. japan still has some integrity left or this guy ran afoul of some other powerful demons?

...the demon of "I'm dirty, filty, stinking rich....but I want to be RICHER"

:smoke: