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Friday February 16, 1:56 PMFACTBOX-Japanese corporate scandals that led to delistingTOKYO, Feb 16 (Reuters) - The Tokyo Stock Exchange is consiering whether to delist Nikko Cordial Corp. , Japan's third-biggest brokerage, over an accounting scandal.The following are details of some Japanese corporate scandals that have resulted in delistings from the TSE, the world's second largest bourse: Livedoor Co. - delisted April 2006 The Internet conglomerate was delisted after one the biggest scandals in Japan's corporate history. Under former-CEO Takafumi Horie, a flamboyant executive who mocked his country's conservative business culture, Livedoor became a symbol for a more aggressive, dynamic Japan. That ended when Horie and other Livedoor executives were arrested early last year on suspicion of falsifying company accounts and submitting false financial statements. Shares were delisted because of the falsifying of financial statements, and in order to protect shareholders, the Tokyo exchange said. Kanebo Ltd. - delisted June 2005 Once a leading Japanese manufacturer of consumer goods, Kanebo was delisted after it admitted reporting as much as $2 billion in non-existent profits. The company had a negative net worth for nine years, but disguised its financial troubles by altering its books. With a 114 year-history as a publicly traded company, Kanebo had about 110,000 shareholders before its delisting. It was later acquired by Kao Corp. , Japan's largest manufacturer of household products. Seibu Railway Co. - delisted December 2004 The company was a listed entity of the Seibu group, a sprawling conglomerate that has come to symbolise the rise and wane of postwar corporate Japan. Ruled by Yoshiaki Tsutsumi, who was named the world's richest man in 1990 by Forbes magazine, Seibu Railway made false reports about the composition of its shareholders for more than 40 years. Tsutsumi resigned due to the scandal. He was later sentenced to 30 months in prison, suspended for four years. (To read a full story on the debate over whether Nikko should be delisted, and its potential impact on the Tokyo market, click on [nT2692]) A delisting could force Nikko into the arms of its most likely suitor, U.S. financial conglomerate Citigroup . Click on [nT19925] for the story. (Sources: Nikkei business daily, Kyodo News, Tokyo Stock Exchange) |
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