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Japanese bike bosses arrested for fraud - BikeBiz

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.
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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.

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