Hajime Sagawa, the Japanese banker whose firms got $687 million in fees as part of Olympus Corp.'s $2.1 billion buyout of Gyrus Group PLC, has left Florida for the Cayman Islands, his brother-in-law said, a month after Sagawa divorced his wife and sold her their Boca Raton home for $10.
Sagawa hasn't made a statement since ousted President Michael C. Woodford disclosed Tokyo-based Olympus paid fees equal to 36 percent of the value of the 2008 deal to two companies connected with the Japanese banker. The camera and medical device maker used the payments as part of a scheme to hide ¥117.7 billion ($1.5 billion) in losses, according to the findings of a monthlong independent probe of the company's accounts that was released Tuesday.
"He's down in the Cayman Islands," Gary Nevis, Sagawa's brother-in-law, said in a Dec. 1 telephone interview, citing a conversation he had last week with his sister, Sagawa's ex-wife.