Japanese bike bosses arrested for fraud

On 25th May, BikeBiz.com wondered whether Maruishi Cycle Industries Ltd of Japan was to be the bicycle trade's Enron. Company execs, including the fired president, have now been arrested on suspicion of 'double gearing', a stock boosting scam.
Author:
Publish date:

Police in Tokyo arrested five of Maruishi's executives yesterday, including Yoshio Yagi,who was fired as president on May 25th.

The Japanese bicycle maker - said to be "struggling" by the Kyodo News agency - is suspected of falsifying capital increases, providing its own funds to those affiliated with stock subscribers.

The police suspect that Maruishi, listed on the Second Section of the Tokyo Stock Exchange, made the 'double gearing deals' with several companies since 2002.

Featured Jobs

cls logo_jpg 600x348

Bike Mechanic

Club La Santa I Lanzarote, Canary Islands I Competitive Salary & Benefits I Date Published Monday 7th January 2019

LTR coral logo 620x349

Local Project Manager (x3 roles)

Love to Ride I North East Lincolnshire, Slough, Southampton I Salary: £32,500 equivalent (PT, temporary) I Date Published Monday 7th January 2019

Logo stacked

Head of Marketing

Brompton I West London I Salary Competitive I Date Published Wednesday 9th January 2019

BE2016_googlelogo

Senior Sales Executive

BikeExchange I UK Nationwide I Salary TBC Depending on level of experience I Date published Wednesday 16th January 2019