Prosecutors arrested on July 4 a former chairman of the Dai-Ichi Kangyo Bank in connection with the major city bank’s alleged payments to a corporate extortionist.
According to prosecutors, Tadashi Okuda, 65, is suspected of allowing 11.78 billion yen in loans to be extended through a nonbank affiliate to racketeer Ryuichi Koike between 1994 to 1996 in violation of the Commercial Code. His arrest makes him the eleventh DKB official held so far in the unfolding “sokaiya” scandal that has also embroiled Nomura Securities Co., the nation’s largest securities firm.
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