The family of former Transport Minister Tokusaburo Kosaka, who died in 1996 at the age of 80, failed to report about 1 billion yen in taxable assets he left behind, it was learned Wednesday.
Following a caution from the Tokyo Regional National Tax Administration Bureau, the family has reportedly amended their original tax report and paid an additional 300 million yen in inheritance tax.
Sources said some securities that appeared to be registered under Kosaka family members actually turned out to be owned by Kosaka. The Kosakas at first incorrectly reported only a little over 2 billion yen in assets to tax authorities, they said.
The late Kosaka, a native of Nagano Prefecture, served as president of Shin-Etsu Chemical Co. He entered the political world in 1969 when he was elected to the Lower House. He served seven terms and also held posts as transport minister and director general of the Economic Planning Agency.