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Management of Index Corporation is being held under investigation due to accusations of manipulating financial records
Masami Ochiai, the former CEO and the former president of Index Corporation was arrested in Japan charged with fraud.
A report from Nikkei stated that Masami and his wife, Yoshimi were arrested by the Tokyo District Public Prosecutors Office earlier this morning. The text reveals they were the reason behind why Index Corporation had collapsed.
According to Nikkei’s anonymous source, Index had used “round-trip transacting” to make the false impression of both volume and profitability in the finished fiscal quarter August 2012. Index had registered in the report sales of ¥183 billions and profits of ¥4 billions.
The Ochiais are put under charge of falsifying the records in order to hide Index’s insolvency and to be delisted from JASDAQ security exchange. The true state of the company was discovered after its bankruptcy.
Masami Ochiai has declared that all charges are false.
Masami Ochiai, the former CEO and the former president of Index Corporation was arrested in Japan charged with fraud.
A report from Nikkei stated that Masami and his wife, Yoshimi were arrested by the Tokyo District Public Prosecutors Office earlier this morning. The text reveals they were the reason behind why Index Corporation had collapsed.
According to Nikkei’s anonymous source, Index had used “round-trip transacting” to make the false impression of both volume and profitability in the finished fiscal quarter August 2012. Index had registered in the report sales of ¥183 billions and profits of ¥4 billions.
The Ochiais are put under charge of falsifying the records in order to hide Index’s insolvency and to be delisted from JASDAQ security exchange. The true state of the company was discovered after its bankruptcy.
Masami Ochiai has declared that all charges are false.