Seibu Railway Co.'s president on Friday vowed to clean up the scandal-ridden firm by setting up a panel to look into the entire Seibu group and distancing itself from parent Kokudo Corp.
The announcement came the same day the media reported that the Tokyo Stock Exchange is set to delist Seibu's shares over its false equity ownership reporting.
At a news conference in Tokyo, President Terumasa Koyanagi said the company will reduce Kokudo's stake in the firm to around 33 percent from more than 50 percent so it could gain more autonomy.