Mita Industrial searched over illegal dividends

Prosecutors and police search the offices of failed photocopier maker Mita Industrial Co. on Oct. 13 on suspicion it paid dividends to shareholders while in the red. Some former executives of the Osaka-based, unlisted company violated the Commercial Code by paying dividends after window-dressing the firm's earnings reports, investigative sources claimed. The company applied Aug. 10 for rescue under the Corporate Rehabilitation Law, effectively going under with debts of more than 200 billion yen. ==Kyodo

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  • 1998/10/12 15:00:00
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