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Article: Tokyo Stock Exchange to delist Seibu Railway December 17 for false statements.
- Article from:
- Kyodo News International (Tokyo, Japan)
- Article date:
- November 16, 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. 16--TOKYO -- The Tokyo Stock Exchange said Tuesday it will delist Seibu Railway Co. on Dec. 17 for falsifying financial statements in "a systemic manner." The TSE has judged that the railway company's long-running practice of underreporting the ratio of stakes held by major shareholders has undermined investor confidence in the securities market, bourse officials said.
The bourse typically only delists companies at risk of bankruptcy.
Seibu Railway President Terumasa Koyanagi apologized to its shareholders at a news conference, saying the firm "has caused trouble" to them over the incorrect financial statements. "I offer my sincere apologies." The ...