The Supreme Court has dismissed an appeal by former Daio Paper Corp. Chairman Mototaka Ikawa against a four-year prison sentence for misappropriating more than ¥5 billion from group firms that he gambled away at casinos, court officials said Thursday.
Ikawa, 48, had senior officials of seven affiliated companies transfer ¥5.53 billion to his personal account without collateral between March and September 2011, and he lost the whole amount while gambling, according to lower courts.
Ikawa, grandson of the paper maker's founder, pleaded guilty and sought leniency, claiming he had paid off his debts.
His actual prison sentence will be finalized soon.