Seibu Railway Co. Chairman Yoshiaki Tsutsumi said Wednesday he will resign over a racketeer payoff scandal involving three company executives.
Tsutsumi, 69, the effective owner of the railway, which forms the core of the Seibu Railway group of about 100 companies, said he will withdraw completely from the railway business.
Tsutsumi said he will also step down as board director with representative rights.