Much Ado About Japan II

Tokyo Public Prosecutor's Office
This is the strongest investigation body in Japan. Japanese version of FBI and Attoney General combined. Versus Japan's one of the richest man, Mr Tsutsumi, head of the Seibu group. He was a richest man in the world in 1990, ranked always within top 10 in FORTUNE at that time.
His company sold his company's shares 72.64 million stocks to his many many business partners - 72 companies from August 17th to September 29th. In Japan's system, it is common to hold each other's shares to back their financial risks or help mutually, etc. It is one of a merchandising tradition, so 72 companies bought all those stocks as they are recommended.
On the 13th of October, Mr Tsutsumi, head of the Seibu group abruptly resigned saying the company made a false statement on who holds the company's stocks, which itself is not a very serious matter. The matter was his resignation. That caused landsliding falling of Seibu stocks and resulting in total loss of 650 million dollars of its face value. Therefore 72 companies lost the same assets at one night.
The company had been reluctant to pay them back, saying these transactions were held under normal procedure, there was no proof of insider tradings. Subsequently that statement bought bad reputations. Some companies tried to sue that company.
On the 13th of January, in the end the Tokyo public prosecuter's office announced that they will make allegation on these transaction as an illegal insider tradings in corporation with National Tax Bureau.
Abruptly that company changed attitude thereafter and by the 29th of January, Seibu company had agreed to make up for all the losses caused as a result of these share tradings. All the losses made by all 72 companies.
Unfortunately it was not all the losses. Individual shareholders also lost their face value by this time's abrupt resignation, which count up to 3.5 million dollars. They are fighting with the company. But anyway, 650 millions were returned.