• Kyodo

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The elder son of the founder of Japanese measuring instrument maker Keyence Corp. failed to pay over ¥150 billion ($1.47 billion) in gift tax over the receipt of stocks of an asset management firm, sources close to the matter said Saturday.

The elder son of Takemitsu Takizaki, founder and honorary chairman of the Osaka-based manufacturer, is believed to have paid back taxes of some ¥30 billion to the tax authorities, the sources said.

The unlisted asset management firm owns about a 17 percent stake in Keyence. When Takizaki and others set up another unlisted asset management company that put the existing asset management firm under its wing, Takizaki’s elder son received shares in the new firm.

Although the son declared the appraisal value of the shares he received, the Osaka Regional Taxation Bureau apparently concluded the reported amount was undervalued, given the fact that the founder’s son effectively holds Keyence shares indirectly, the sources said.

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