Jap paper conglomerate ex chairman gambled away company money in MBS

[Rogue Trader]

Ikawa gambled until just before net closed

The Yomiuri Shimbun

Former Daio Paper Corp. Chairman Mototaka Ikawa, who was arrested over huge loans he allegedly borrowed from subsidiaries to gamble, visited a casino in Singapore until just before the case was exposed in September and wagered up to 150 million yen a day, according to sources.

As of this month, more than 1 billion yen still remained in a bank account in which Ikawa kept money for gambling.

The Tokyo District Public Prosecutors Office's special investigation unit had been secretly looking into Ikawa since this spring. However, Daio Paper only started its own internal investigation after being tipped off by an e-mail sent from a whistleblower in a group subsidiary Sept. 7.

According to sources, Ikawa frequently visited a casino at a high-class resort that opened in central Singapore in April 2010.

Ikawa pooled gambling money in a special bank account to play at the casino in Singapore. At least 500 million yen was transferred from Daio Paper's subsidiaries to the bank account over two or three months until August.

Investigators suspect Ikawa started to transfer money from the companies to pay the huge debts he had racked up at the casino.

 

[streetsmart73]

hi there


1. top hat big crook!
2. who is the daft sheep that alleged big salary no crook or no corruption or what?
3. should be dead now!

 

[Rogue Trader]

3. should be dead now!

 

[tanwahtiu]

Old Fart had his revenge on Japs liao!

 

[YellowRibbon]

He gambled away 500 million yen ??? !!!

How much is that in SGD ???

Wah lau ....

 

[mako65]

It's ok for him to "burn" all the $$$$$ as he wishes cos he can print it again...all problems solved! Hahaha..

 

[halsey02]

He gambled away 500 million yen ??? !!!

How much is that in SGD ???

Wah lau ....

"kei 'chiu" says he tourist, its ok! where he gets the money, who cares!.

 

[kopiuncle]

nanbel these two casinos are killing people andkilling businesses...when are they going to ban sinkies from sinking there.so may sunk liao.many more sinking. when gahment is going to ban all sinkies from sinking there! nanbeh cant you see casinos are killing sinkies more and more...