Former Seibu Railway Co. President Hiroyuki Toda admitted in a document filed Thursday with the Tokyo District Court that he was just a "nominal" shareholder in Kokudo Corp., a core member of the Seibu Railway group, sources said.
Toda said in the statement to the court that he is not an actual shareholder of Kokudo and that he had "no idea" to whom the stocks supposedly in his possession actually belong, the sources said.
The group plunged into a crisis when it was revealed that it had falsified financial statements on Kokudo's shareholdings in Seibu Railway, which was subsequently delisted from the Tokyo Stock Exchange last December.