Takefuji management responsibility committee uncovers four issues

By Caroline Salls

Pittsburgh, June 3 - Takefuji Corp.'s investigation committee on management responsibility uncovered four points that examiner Hideaki Sudo said merit an action for examination of officer liability, according to a company news release.

The committee was charged with investigating whether there was cause to examine the liability of officers under the Corporate Reorganization Law of Japan and whether an action was required in connection with inappropriate distribution of the company's assets and debt obligations caused by the former directors and founding family of Takefuji.

Based on the committee's investigation, the scope of the examination will include:

• The liabilities of representative directors for damages in connection with a ¥2 billion year-end dividend for the period ended March 31, 2010;

• The former board chairman's liabilities for damages tied to ¥164 million in legal and settlement fees incurred by the company in connection with the chairman's wiretapping case;

• The former board chairman's liabilities for ¥71.26 million in legal fees incurred by the company in connection with the chairman's payment of ¥500 million to a former Takefuji employee for negotiating the break-off of a relationship with "antisocial forces"; and

• The excessive portion of a ¥9.41 million advisory fee paid to a former director for the period of December 2003 to June 2004, which the company said should be returned because it was unjustified.

Takefuji is a Tokyo-based consumer finance company.

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