• Kyodo

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Prosecutors arrested former Daio Paper Corp. Chairman Mototaka Ikawa on Tuesday in connection with his massive borrowings from Daio Paper group companies, alleging he caused ¥3.2 billion in damage to the firms.

The 47-year-old Ikawa, grandson of the paper maker’s founder, admitted to committing aggravated breach of trust and was quoted as telling the prosecutors he used all of the borrowed money on gambling at casinos, investigative sources said.

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