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The Tokyo District Public Prosecutor’s Office indicted on July 15 the president of Azabu Building Co. and an executive in charge of financial matters on suspicion of concealing some 1.3 billion yen in a secret account to prevent creditors from claiming its assets, office sources said.

Under indictment are President Yoshitaro Watanabe, 63, and Shoichi Owaki, 60, a board member of Azabu Building. The company borrowed heavily from Mitsui Trust & Banking Corp. and housing finance companies.

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