Prosecution of former chairpersons listed on the first section of the Tokyo Stock Exchange with powdered accounts August 14th, 20:01

The Yokohama City Company, which sells building materials listed on the first section of the Tokyo Stock Exchange, reported that its financial results four years ago in a way to account for fictitious sales. Prosecuted a person for violating the Financial Instruments and Exchange Act.

The indictment was made by the holding company “S Nice Nice Group” in Tsurumi-ku, Yokohama, which sells building materials listed on the first section of the Tokyo Stock Exchange, the former chairman Koichiro Hirata (71), and the former president, Kiyoshi Higurashi (defendant) 67).

According to the Yokohama Prosecutor's Office, the former Chairman Hirata and others concludes the consolidated financial statements in the fiscal year ended March 2015 four years ago by recording approximately 3.2 billion yen of fictitious sales, and includes the description in the securities report. As such, they are charged with violating the Financial Instruments and Exchange Act.

According to the Yokohama District Prosecutor's Office, the settlement of accounts was carried out under the direction of former Chairman Hirata to conceal deficits in ordinary profits, and the sale of real estate was sold to a paper company with no real situation, and the sales of subsidiaries were inflated. That is.

The Yokohama District Prosecutor has not revealed the approval or disapproval of the two prosecuted.

The nice nice group commented, “I apologize for the inconvenience caused to our shareholders, investors and other stakeholders.”