Police have obtained a warrant to arrest Hiroo Mizushima, 89, the former chairman of failed department store operator Sogo Co., on suspicion of hiding personal assets from creditors, police sources said Friday.
Investigators sent to a Tokyo hospital where Mizushima is being treated for angina concluded after consulting with doctors that he could endure detention. Mizushima has been hospitalized since early Wednesday.
According to the sources, he withdrew 150 million yen in bank deposits and investments immediately after Sogo went bankrupt in July, placing 100 million yen of that in cash in the custody of a relative from the beginning of this year to early May.