United Press International
10-28-2004
Kanebo execs falsified earnings
TOKYO, Oct 28, 2004 (United Press International via COMTEX) -- An in-house investigative team at Japanese cosmetics-maker Kanebo Ltd. has accused three executives with improprieties.
The executives were found to have falsified earnings and created a slush fund of more than $1.8 million before being bailed out by a state agency.
One of the three executives reportedly involved in the window-dressing of about $272 million of earnings is former Kanebo Vice President Takashi Miyahara, 62, who had been dispatched by Sakura Bank, now Sumitomo-Mitsui Bank, to rehabilitate the ...