Financial Services Minister Tatsuya Ito slammed three firms of the Odakyu Electric Railway Co. group Friday for failing to correct fabricated financial statements regarding the identity of their shareholders.
"I have found it quite deplorable that more companies were found to have provided inaccurate information," Ito told a news conference, making an apparent reference to Wednesday's revelations involving the firms, which drew comparisons with a case involving Seibu Railway Co. in October.
In November, the Financial Services Agency ordered the nation's 4,300 listed firms to check the veracity of mandatory statements on the ownership of their outstanding shares, with Seibu Railway having revealed Oct. 13 that it had fabricated its disclosure statements.