The Tokyo District Court on Thursday decided to release Hiroo Mizushima, a former chairman of failed department store chain Sogo Co. indicted on charges of concealing assets, on bail of 40 million yen.
The decision, which came one day after the Tokyo District Public Prosecutor's Office indicted the 89-year-old, was apparently in response to concern for his health. Lawyers for Mizushima maintain that he suffers from a heart problem.
Mizushima was arrested May 25 at a Tokyo hospital. He was released from the Tokyo Detention House late Thursday afternoon after posting bail.
The prosecutors said Mizushima concealed 150 million yen of his assets last July, apparently to avoid seizure by the Industrial Bank of Japan.
Mizushima personally guaranteed an 11 billion yen bank loan used to open a Sogo outlet in Tokyo in 1994.
Police and prosecutors detain suspects in many high-profile cases usually for more than 20 days before their first indictments, and the courts allow them to keep detaining them. The legal maximum is 23 days.