Former Yamaichi Securities Co. Chairman Tsugio Yukihira and Atsuo Miki, the firm's former president, were indicted Tuesday on charges of violating the Securities Transaction and Commercial Code by hiding about 270 billion yen in debts and still paying about 6 billion yen in dividends to shareholders, sources close to the Tokyo District Public Prosecutor's Office said.
The special squad of the prosecutor's office at the same time decided not to take action against Ryuji Shirai, 62, former vice president of the bankrupt firm, on the grounds that Yukihira played the central role in the alleged wrongdoings.
The squad also decided not take action against Yamaichi Securities on the grounds that it is now in the process of closing down of its own accord. The Securities Transaction Inspection Commission had accused the company of violating the Stock Transaction Law.