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Article: Tokyo Stock Exchange to delist Seibu Railway stock after disclosure scandal.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- November 12, 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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Nov. 12--TOKYO -- The Tokyo Stock Exchange will delist Seibu Railway Co. as the transportation company's long-running practice of falsifying its financial statements has hurt investors' confidence in the securities market, informed sources said Friday.
The TSE has determined that the railway operator, listed on the First Section of the TSE, intentionally issued false financial statements about the ratio of major shareholders' stakes in the company, the sources said.
The bourse rarely delists companies not facing the danger of bankruptcy.
Seibu Railway's false reporting came to light Oct. 13, when it said it had underreported the ratio of stakes ...