Prosecutors are examining the fundraising activities of a Taisho Life Insurance Co. executive who was arrested Monday on suspicion of fraud, sources close to the case said Tuesday.
Yoshihiko Kokura, one of two board members of the collapsed life insurer arrested Monday for allegedly swindling 8.5 billion yen from the insurer, is also the president of Claremont Capital Holding Inc.
Claremont, a Tokyo-based financial holding company set up by Kokura in December 1996, was buying into other financially troubled companies -- including New Capital Securities Inc., Jomo Twisting Thread Co., and Sanyo Investment Trust Management Co. -- while incurring a capital deficit in 1998, the sources said.