The president of failed Nagoya-based condominium builder Sawako Corp. was arrested Tuesday along with three other executives on suspicion of financial window dressing to pay illegal dividends.
Junichi Ohira, 55, and the three others allegedly posted fictitious profits totaling 3 billion yen for the business years ending July 1998 and July 1999 to pay dividends in violation of the Securities Exchange Law and the Commercial Code, police said.
The three other suspects are Shuichi Kondo, 48, Masayuki Sumiya, 52, and Hiroe Ikeda, 48.