Former Kokudo Corp. Chairman Yoshiaki Tsutsumi sold up to 3 billion yen in shares of subsidiary Seibu Railway Co. to each of three buyers before a report-falsification came to light in October, according to the buyer companies.
Seventy-two firms and two individuals who responded to recent Kyodo News inquiries bought a combined 65 billion yen in Seibu Railway shares in August and September.
It was also found that Toshiyuki Shirayanagi, a close aide of Tsutsumi who served as Seibu Railway managing director, got rid of up to 2.3 billion yen in shares, while executives of Seibu group companies also sold shares worth up to 100 million yen each to corporate buyers with whom they have business dealings.
Those senior officials are thought to have disposed of the Seibu Railway shares held by Kokudo on Tsutsumi's instruction, before the railway's announcement Oct. 13 that it had underreported the ratio of stakes held by its major shareholders.
Among the 72 companies, Odakyu Electric Railway Co., Suntory Ltd., Oji Paper Co. and Hitachi Ltd. were approached by Tsutsumi.
Hitachi bought 2.4 million Seibu Railway shares, worth 2.6 billion yen, while the three others separately bought 2.6 million shares, worth 3 billion yen, according to the buyer companies.