Furnished rental apartment provider Leopalace21 Corp. said Tuesday its president, Yusuke Miyama, will resign June 1 to take the blame for his alleged inappropriate lending practices.
Vice President Tomio Oba, 61, will succeed Miyama, also 61, as president, the company said.
Miyama allegedly utilized company funds to loan money to himself and his friends' companies.
The company announced last week the postponement of the release of its earnings report for fiscal 2005 until the end of this month to give it time to correct financial data.