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Article: Mitsubishi Electric, Odakyu ask Kokudo to refund Seibu Railway shares.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- October 22, 2004
CopyrightCOPYRIGHT 2004 Kyodo News International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Oct. 22--TOKYO -- Mitsubishi Electric Corp. and Odakyu Electric Railway Co. said Friday they have asked Kokudo Corp. to repay the money they paid to buy some of Kokudo's shareholdings in Seibu Railway Co. before the railway company's announcement last week that its financial statements were incorrect.
Mitsubishi Electric and Odakyu, which paid a total of 3.22 billion yen to buy the Seibu shares, said they have demanded Kokudo annul contracts for the stock sales because they were not informed of inaccuracies in the financial statements.
Their move follows a similar action taken by major underwear maker Wacoal Corp. last Saturday.
At least 30 ...