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Ex-chair of Japanese Daio Paper arrested for gambling | Ex-chair of Japanese Daio Paper arrested for gambling |
(about 1 hour later) | |
Mototaka Ikawa, the former chairman of Japanese paper company Daio Paper, has been arrested on suspicion of using company money to gamble in foreign casinos. | |
The Daio group has made facial and toilet tissues since 1929. | The Daio group has made facial and toilet tissues since 1929. |
Ikawa is accused of siphoning up to $140m (£89m) from Daio Paper subsidiaries for his own use. | Ikawa is accused of siphoning up to $140m (£89m) from Daio Paper subsidiaries for his own use. |
"It is true that I spent most of what I borrowed on gambling at casinos," said Ikawa in a statement. | "It is true that I spent most of what I borrowed on gambling at casinos," said Ikawa in a statement. |
Ikawa, who is the grandson of the firm's founder, said he started gambling to recoup losses he made trading currency and shares. | Ikawa, who is the grandson of the firm's founder, said he started gambling to recoup losses he made trading currency and shares. |
"It started after I made large gains at a casino after having made significant losses due to such things as stocks, futures and foreign exchange deals, and I fell deep into it," said Ikawa in a statement titled "Apology". | "It started after I made large gains at a casino after having made significant losses due to such things as stocks, futures and foreign exchange deals, and I fell deep into it," said Ikawa in a statement titled "Apology". |
Shares in Daio Paper rose 7% in Tokyo on the news. | Shares in Daio Paper rose 7% in Tokyo on the news. |
The arrest comes two weeks after another Japanese firm, camera manufacturer Olympus, admitted that it used funds related to acquisitions to hide losses on its balance sheet. | The arrest comes two weeks after another Japanese firm, camera manufacturer Olympus, admitted that it used funds related to acquisitions to hide losses on its balance sheet. |
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