Tadao Koseki, former president of mutual aid foundation KSD, pleaded guilty Tuesday to embezzling about 81 million yen from the organization and to breach of trust that caused it to incur losses of 168 million yen.

Two other former KSD executives also admitted conspiring with Koseki -- one of them, his son, on the breach of trust charge and the other on the embezzlement case.

In his first trial hearing before the Tokyo District Court, the 80-year-old KSD founder admitted he embezzled 80.95 million yen by funneling KSD funds to a female friend.