Shareholders of Seibu Railway Co. agreed Tuesday to let Takashi Goto, a former executive of Mizuho Corporate Bank, head an empire rendered leaderless by a series of scandals ranging from falsified financial reports and charges of insider trading to the arrest of tycoon Yoshiaki Tsutsumi.
"I apologize from the bottom of my heart for the delisting of the firm and the firm's betrayal of shareholders' trust," Seibu Railway Vice President Masao Ishibashi said during an extraordinary shareholders' meeting near the headquarters in Tokorozawa, Saitama Prefecture.
"We have not yet decided on a restructuring scheme, or whether we will divide, merge or seek new capital, but we intend to take into consideration all suggestions and throw ourselves into reviving the firm," Ishibashi said.