8 Worst Corporate Scandals in Japan

2. Yamaichi Securities Co.

$2.5 billion

Yamaichi Securities Co. reported $2.5 billion deficit in 1997.T he company was declared bankrupt in 1999. The executives set up Yamaichi Enterprise as a separate company. It is estimated that $2.5 billion was hidden in Yamaichi’s subsidiary, and the fraud was discovered by Weekly Toyo Keizai in 1997. Shohei Nozawa, the last president of the company, apologized on Japanese television. The former president and the chairman of the company were sentenced to two years in prison.

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