Free Republic

Forbes ex-world’s richest man jailed in Japan AFP Posted online: Thursday, June 16, 2005 at 1252 hours IST TOKYO, JUNE 16: Former rail and real-estate magnate Yoshiaki Tsutsumi, who was considered the world's richest man at the height of Japan's economic miracle in the late 1980s, pleaded guilty today to charges of insider trading in his fallen empire. "Facts are as stated," Tsutsumi, 71, told the Tokyo District Court during his first court hearing in the case that could land him in prison. "I feel seriously responsible as the man who led the Seibu Group. I am sorry," Tsutsumi, wearing...

TOKYO - Billionaire Japanese developer Yoshiaki Tsutsumi, once listed by Forbes as the world's richest man, was arrested Thursday over allegations of insider trading and falsifying financial statements at his company. Tsutsumi, 70, owns a major stake in Kokudo Corp., which controls Seibu Railway and its 85 subsidiaries. He also owns Prince Hotels Inc., the Seibu Lions professional baseball team and Seibu Construction Ltd. He was arrested on suspicion of violating the securities and exchange law, the Tokyo District Prosecutors' Office said. Prosecutors took Tsutsumi to a Tokyo detention center for questioning. Prosecutors also raided Seibu Railway's offices to gather...