Yoshiaki Tsutsumi |
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Yoshiaki Tsutsumi (born in May 29, 1934) is a Japanese businessman. During the Japanese economic bubble in the late 1980s, Tsutsumi was the wealthiest person in the world for a brief period due to his extensive real estate investments through the Seibu Corporation, which he controlled. His current net worth is estimated at $3 billion.
The January 17, 2005 edition of The Wall Street Journal made an investigation on Tsutsumi and the Seibu Corporation public to American readers. According to the paper, the Seibu corporation's headquarters were raided by police, who allegedly found evidence of several Japanese business law breaking incidents. The police, for example, claimed that the company declared that their major shareholders accounted only for 64 percent of the company's shareholders, but that, in reality, the majority of the shareholders at Seibu actually owned 88 percent of the company's shares, breaking a law in Japan that says that major shareholders can only get up to 80 percent of a Japanese company's stock.
That scandal was originally opened in 2002 in Japan, after which Mr. Tsutsumi was ordered by a court out of the company, but he remained in it, although at a much less paid employment.
On March 3, 2005, Tsutsumi was arrested on suspicion of violation of securities trading law.
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