-Caveat Lector-
"A new class of ''corporate racketeers' extort money from brokerage
houses by threatening to publicly divulge incriminating information about them
"A total of 31 executives from Japan's top five brokerage companies have
been indicted on corruption charges, and 25 of them have been convicted"
Japan Corporate Racketeer Sentenced
TOKYO (AP) -- A corporate racketeer was sentenced to nine months in prison
today for taking $104 million in illegal payoffs and loans from Japan's top
stock brokerages and a bank, a court spokesman said.
Ryuichi Koike, 55, was convicted of violating the commerce law by illegally
accepting the payoffs in exchange for not interrupting the companies' annual
shareholders meetings.
The Tokyo District Court also fined him $5.8 million, a court spokesman said
on customary condition of anonymity.
Koike received the money in 1994 and 1995 from all of Japan's ``Big Four''
brokerages -- Nomura Securities Co., Daiwa Securities Co., Nikko Securities
Co. and the now-defunct Yamaichi Securities Co.
He also received illegal loans totaling $98 million through a Dai-Ichi Kangyo
Bank subsidiary between 1994 and 1996.
``The defendant repeatedly conducted racketeering as a profession and
therefore cannot avoid serious blame for carrying out the crimes'' Kyodo News
agency quoted the court ruling as saying.
The court also blamed the companies for prolonging the crimes by using the
defendant's influence as a racketeer to their benefit, instead of taking
measures to cut their ties with him, Kyodo said.
The racketeers, known as ``sokaiya,'' threaten to disrupt shareholder
meetings by divulging embarrassing information about companies unless they
are paid off.
The disclosure of Koike's operation has rocked the Japanese corporate world
and led to several high-profile arrests.
A total of 31 former executives of the five companies have been charged, and
25 of them have been convicted, including five Nomura executives who received
suspended prison terms, Kyodo reported.
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