The former vice president of Yakult Honsha Co. pleaded not guilty Thursday to aggravated breach of trust in connection with illicit transactions of so-called Princeton bonds that caused 530 million yen worth of damage to the firm.
Appearing before the Tokyo District Court, Naoki Kumagai, 69, also denied three other charges against him: embezzlement of 700 million yen; illegally investing the company's financial assets; and falsifying the firm's earning reports. He did, however, plead guilty to tax evasion.
Yakult, which makes lactic drinks, is also being tried for corporate culpability for falsifying its April-September 1997 earnings report.