Maruishi Cycle President Arrested; Fraud Investigation Continues
TOKYO, Japan (BRAIN)--Police arrested Yoshio Yagi, 52, the recently fired president of Maruishi Cycle Industries last week, as investigations into an alleged stock-fraud scandal continue, Kyodo News reports.
Maruishi dismissed Yagi on May 25, immediately after police
questioned the executive about the allegations. Tokyo Municipal Police arrested him and four others as a result of investigators' findings so far.
Tokyo-based Maruishi Cycle, a subsidiary of Maruishi Holdings Co., is Japan's third-largest bicycle maker but has been financially struggling, industry observers say.
Tokyo Stock Exchange (TSE) investigators suspect that company executives falsified capital increase figures by providing Maruishi's own funds to those affiliated with stock subscribers. The exchange put Maruishi Holdings stock on its "supervision post," a monitoring status that warns investors a company may be in trouble and that the exchange could possibly de-list it.
De-listing is not certain, however. Many monitored companies return to normal status, and trading of Maruishi or other monitored stocks continues as usual, according to the stock exchange web site. As of today, the exchange set Maruishi stock's base price at 18 yen (16.2 cents) and set a daily price limit of 30 yen (27 cents) as its maximum range of fluctuation within a single trading day.
Maruishi dismissed Yagi on May 25, immediately after police
Tokyo-based Maruishi Cycle, a subsidiary of Maruishi Holdings Co., is Japan's third-largest bicycle maker but has been financially struggling, industry observers say.
Tokyo Stock Exchange (TSE) investigators suspect that company executives falsified capital increase figures by providing Maruishi's own funds to those affiliated with stock subscribers. The exchange put Maruishi Holdings stock on its "supervision post," a monitoring status that warns investors a company may be in trouble and that the exchange could possibly de-list it.
De-listing is not certain, however. Many monitored companies return to normal status, and trading of Maruishi or other monitored stocks continues as usual, according to the stock exchange web site. As of today, the exchange set Maruishi stock's base price at 18 yen (16.2 cents) and set a daily price limit of 30 yen (27 cents) as its maximum range of fluctuation within a single trading day.
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