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Two former employees of collapsed Yamaichi Securities Co., one a senior managing director, on March 17 admitted to charges of conspiring to make illegal payoffs, while another former senior managing director pleaded not guilty.

Former Senior Managing Director Hidekuni Iyama, 59, denied conspiring to pay off sokaiya Ryuichi Koike with 107 million yen as he stood before the Tokyo District Court. “I have never conspired to give payoffs to Koike. I did not know the customer was a sokaiya and a shareholder,” he said in the court’s first hearing session.

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