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Kanebo Trinity to change company, brand names to Kracie

TOKYO, Japan - Kanebo Trinity Holdings Ltd. President Tetsuo Komori (L) with the company's chairman Akiyoshi Nakajima at a news conference in Tokyo on Feb. 27 announcing that Kanebo Trinity will change the company and brand names to Kracie on July 1 to project an image of a company starting anew. The costs necessitated by the name changes are estimated at well over 1 billion yen.

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FSA orders ChuoAoyama to suspend part of auditing services

TOKYO, Japan - Akio Okuyama, chairman and chief executive officer of ChuoAoyama PricewaterhouseCoopers, one of Japan's leading auditing firms, speaks during a news conference in Tokyo on May 10 after the Financial Services Agency issued a business suspension order to the company due to its failure to prevent an earnings falsification scandal at Kanebo Ltd.

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Kanebo names ex-Ascii chief Komori as president

TOKYO, Japan - Struggling Kanebo Ltd. said Jan. 20 it has decided to cede its presidency to Tetsuo Komori, the 47-year-old former president of computer information magazine publisher Ascii Corp., succeeding Takehiko Ogi. Photo shows Komori speaking during news conference in Tokyo the same day.

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Bailout body selects Kao-led group as Kanebo buyer

TOKYO, Japan - Atsushi Saito, president of the Industrial Revitalization Corp. of Japan, speaks at a press conference after his agency formally selected a group led by Japan's top household products maker Kao Corp. as the buyer of ailing Kanebo Ltd. and Kanebo Cosmetics Inc.

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Struggling Kanebo logs 19.8 bil. yen net loss in April-Sept.

TOKYO, Japan - Akiyoshi Nakajima, president of struggling Kanebo Ltd., speaks at a press conference after reporting a group net loss of 19.8 billion yen for the April-September first half of fiscal 2005 in Tokyo on Nov. 29.

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All but 1 of ChuoAoyama's executive partners steps down

TOKYO, Japan - Akio Okuyama, chief executive partner of the auditing firm ChuoAoyama PricewaterhouseCoopers apologizes at a press conference Oct. 3. The company said 10 of its 11 executive partners have stepped down from their positions to take responsibility for the indictment of three of the company's auditors for helping Kanebo Ltd. falsify its financial statements. Okuyama will stay in his post.

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Certified public accountants nabbed over Kanebo window dressing

TOKYO, Japan - The Kasumigaseki Building in Tokyo's Chiyoda Ward houses the offices of ChuoAoyama PricewaterhouseCoopers. Prosecutors arrested four certified public accountants at the offices on Sept. 13 for allegedly collaborating with former executives at Kanebo Ltd. in falsifying accounting reports.

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4 certified public accountants arrested over Kanebo window dressing

TOKYO, Japan - A car carrying Seiichiro Tokumi, one of four certified public accountants arrested Sept. 13, arrives at Tokyo Detention Center. Prosecutors on arrested the four for allegedly collaborating with former executives at Kanebo Ltd. in falsifying accounting reports.

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Certified public accountants nabbed over Kanebo window dressing

TOKYO, Japan - Prosecutors arrive to search the house of Kuniaki Sato in Chiba Prefecture on Sept. 13, one of four certified public accountants who allegedly collaborated with former executives at Kanebo Ltd. in falsifying accounting reports.

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Securities watchdog files complaint against Kanebo, ex-chief

TOKYO, Japan - Three Kanebo Ltd. executives bow in a gesture of apology at a press conference in Tokyo on Aug. 17 after the Securities and Exchange Surveillance Commission filed a criminal complaint of accounting fraud with prosecutors against the company and three of its former executives.

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Ex-Kanebo president, 2 former execs arrested for fraud

TOKYO, Japan - Photo shows a building in Tokyo which houses Kanebo Ltd. Prosecutors arrested a former president of Kanebo Ltd. and two other former executives on July 29 on suspicion of submitting falsified financial statements to financial authorities in violation of the Securities Exchange Law.

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Kanebo trades for the last time at TSE before being delisted

TOKYO, Japan - An electric board at the Tokyo Stock Exchange shows the last trading stock price of Kanebo Ltd. on June 10, which will be delisted from the TSE on June 13 over accounting irregularities.

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Kanebo to raise extra capital from Kanebo Cosmetics

TOKYO, Japan - Akiyoshi Nakajima (R), chairman of Japanese textile and household products maker Kanebo Ltd., and Kenji Chishiki (L), president of Kanebo Cosmetics Inc., announced in a news conference in Tokyo on June 6 that Kanebo will raise 20 billion yen in fresh capital in late July through a third-party allotment of new shares to be purchased by Kanebo Cosmetics.

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Kanebo sees group net balance back to black under rehabilitation

TOKYO, Japan - Kanebo Ltd. Chairman Akiyoshi Nakajima (L) and President Takehiko Ogi give a press conference in Tokyo on May 31. The struggling textile and household product maker said its group net balance returned to the black in the business year ended in March under rehabilitation efforts with the support of the state-backed corporate bailout agency.

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TSE decides to delist Kanebo in June for accounting fraud

TOKYO, Japan - Tokyo Stock Exchange President Takuo Tsurushima (L) says May 12 in Tokyo the TSE decided the same day to delist Kanebo Ltd. on June 13 for accounting fraud over the five years through March 2004.

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Kanebo in negative net worth at least in past 5 fiscal years

TOKYO, Japan - Kanebo Ltd. Chairman Akiyoshi Nakajima tells a press conference in Tokyo on April 13 that the company had been in negative net worth on a consolidated basis for five years from fiscal 1999 to fiscal 2003 as its former management falsified reports by such accounting fraud as inflating sales and underreporting expenses.

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Kanebo to spin off textile business

TOKYO, Japan - Akiyoishi Nakajima (R), chairman of struggling Kanebo Ltd., speaks as Seiren Co. President Tatsuo Kawada listens at a press conference in Tokyo on March 16. Kanebo will spin off its textile business and transfer it to a joint company to be established by Kanebo and Seiren, a dyeing and finishing based in Fujui.

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Corporate revival entity director Ogi heads Kanebo

TOKYO, Japan - Struggling textile maker Kanebo Ltd. on Nov. 1 named Takehiko Ogi (shown), managing director of the government-backed Industrial Revitalization Corp. of Japan, as its president. Ogi, 43, also an outside board director of Kanebo Cosmetics Inc., a firm spun off from Kanebo in May, replaced Akiyoshi Nakajima, 54, who became Kanebo Ltd.'s chairman with the right to represent the company.

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Kanebo may sue ex-managers for hiding 20-30 bil. yen losses

TOKYO, Japan - Kanebo Ltd. President Akiyoshi Nakajima speaks at a press conference in Tokyo on Oct. 28. He suggested that the company may file criminal and civil complaints against its former management on suspicion of concealing up to 30 billion yen in losses for the business years ended in March 2002 and March 2003.

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Kanebo Cosmetics inaugurated to face harsh competition

TOKYO, Japan - Kunihiko Yogo, who will assume the posts of Kanebo Cosmetics Inc.'s chairman and chief executive officer, and Keiji Chishiki, who assumed the presidency of the company, shake hands at the start of the new company on May 7 as a spinoff from ailing cosmetics maker Kanebo Ltd. for which the state-run Industrial Revitalization Corp. of Japan came to the rescue in March. Yogo is currently executive officer of IRCJ.

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Kanebo sets up panel to probe into past accounting practices

TOKYO, Japan - Kanebo Ltd. President Akiyoshi Nakajima (L) tells reporters in Tokyo on April 19 that the troubled cosmetics and textile maker has launched an investigative panel, led by legal experts, to study whether there have been any illegalities in the company's accounting practices and business transactions. The panel is headed by lawyer Yuichi Suzuki (R).

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Kanebo seeks shareholders' nod for revival plan

TOKYO, Japan - Shareholders of Kanebo Ltd. arrive at a Tokyo hotel to attend an extraordinary meeting called March 30 to seek approval of the troubled cosmetics maker's rehabilitation plan featuring a spinoff of cosmetics operations with the help of the state-backed corporate revival entity.

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(4)IRCJ OKs 366 bil. yen aid package for Kanebo

TOKYO, Japan - Kazuyoshi Kaneko, state minister in charge of industrial regeneration, speaks at a news conference March 10 after the state-backed Industrial Revitalization Corp. of Japan (IRCJ) approved a 366 billion yen aid package for ailing cosmetics company Kanebo Ltd.

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(1)IRCJ OKs 366 bil. yen aid package for Kanebo

TOKYO, Japan - Kanebo Ltd. Chairman and President Takashi Hoashi (L) speaks at a news conference in Tokyo on March 10 after the Industrial Revitalization Corp. of Japan (IRCJ) approved a 366 billion yen aid package for the ailing cosmetics company. Seated right is IRJC Executive Officer Ryutaro Katayama.

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(2) IRCJ OKs 366 bil. yen aid package for Kanebo

TOKYO, Japan - Takashi Hoashi, chairman and president of ailing cosmetics company Kanebo Ltd., ponders before answering a question at a news conference in Tokyo on March 10. The Industrial Revitalization Corp. of Japan (IRCJ) approved a 366 billion yen aid package for Kanebo.

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(3)IRCJ OKs 366 bil. yen aid package for Kanebo

TOKYO, Japan - Akiyoshi Nakajima, who has been named to take over the presidency of Kanebo Ltd. from Chairman and President Takashi Hoashi, speaks at a news conference in Tokyo on March 10. The Industrial Revitalization Corp. of Japan (IRCJ) approved a 366 billion yen aid package for the ailing cosmetics company.

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Kanebo Pres. Hoashi to resign over revival plans

TOKYO, Japan - Takashi Hoashi (file photo), president and chairman of Kanebo Ltd., will resign after the recent fiasco over how to revive the struggling cosmetics maker, sources close to the decision said Feb. 23. Hoashi is expected to announce his resignation at an extraordinary shareholders meeting March 30.

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Kanebo gives up deal with Kao, seeks IRCJ help

TOKYO, Japan - Takashi Hoashi, president of Kanebo Ltd., Japan's second-biggest cosmetics maker, announces at a Tokyo hotel on Feb. 16 that the firm has given up an earlier plan to sell its cosmetics operations to Kao Corp., and instead will seek assistance from the Industrial Revitalization Corp. of Japan (IRCJ) in transforming the operations into a subsidiary to help rebuild its entire business.

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Kanebo, Kao agree on cosmetics business integration

TOKYO, Japan - Takashi Hoashi, chairman and president of Kanebo Ltd. shakes hands with Takuya Goto, president of Kao Corp., at a news conference in Tokyo on Oct. 23. They said the two chemical companies have agreed to integrate their cosmetics businesses.

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Kanebo unveils new women's swimming suits for next summer

TOKYO, Japan - A female model shows off a new swimming suit designed by Kanebo Ltd. for next summer at a company swimming suit presentation event in Tokyo on Sept. 26.

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Kanebo may sue ex-managers for hiding 20-30 bil. yen losses

TOKYO, Japan - Kanebo Ltd. President Akiyoshi Nakajima speaks at a press conference in Tokyo on Oct. 28. He suggested that the company may file criminal and civil complaints against its former management on suspicion of concealing up to 30 billion yen in losses for the business years ended in March 2002 and March 2003. (Kyodo)

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Corporate revival entity director Ogi heads Kanebo

TOKYO, Japan - Struggling textile maker Kanebo Ltd. on Nov. 1 named Takehiko Ogi (shown), managing director of the government-backed Industrial Revitalization Corp. of Japan, as its president. Ogi, 43, also an outside board director of Kanebo Cosmetics Inc., a firm spun off from Kanebo in May, replaced Akiyoshi Nakajima, 54, who became Kanebo Ltd.'s chairman with the right to represent the company. (Kyodo)

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Kanebo to spin off textile business

TOKYO, Japan - Akiyoishi Nakajima (R), chairman of struggling Kanebo Ltd., speaks as Seiren Co. President Tatsuo Kawada listens at a press conference in Tokyo on March 16. Kanebo will spin off its textile business and transfer it to a joint company to be established by Kanebo and Seiren, a dyeing and finishing based in Fujui. (Kyodo)

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TSE decides to delist Kanebo in June for accounting fraud

TOKYO, Japan - Tokyo Stock Exchange President Takuo Tsurushima (L) says May 12 in Tokyo the TSE decided the same day to delist Kanebo Ltd. on June 13 for accounting fraud over the five years through March 2004. (Kyodo)

E

Kanebo sees group net balance back to black under rehabilitation

TOKYO, Japan - Kanebo Ltd. Chairman Akiyoshi Nakajima (L) and President Takehiko Ogi give a press conference in Tokyo on May 31. The struggling textile and household product maker said its group net balance returned to the black in the business year ended in March under rehabilitation efforts with the support of the state-backed corporate bailout agency. (Kyodo)

E

Kanebo to raise extra capital from Kanebo Cosmetics

TOKYO, Japan - Akiyoshi Nakajima (R), chairman of Japanese textile and household products maker Kanebo Ltd., and Kenji Chishiki (L), president of Kanebo Cosmetics Inc., announced in a news conference in Tokyo on June 6 that Kanebo will raise 20 billion yen in fresh capital in late July through a third-party allotment of new shares to be purchased by Kanebo Cosmetics. (Kyodo)

E

Kanebo trades for the last time at TSE before being delisted

TOKYO, Japan - An electric board at the Tokyo Stock Exchange shows the last trading stock price of Kanebo Ltd. on June 10, which will be delisted from the TSE on June 13 over accounting irregularities. (Kyodo)

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Securities watchdog files complaint against Kanebo, ex-chief

TOKYO, Japan - Three Kanebo Ltd. executives bow in a gesture of apology at a press conference in Tokyo on Aug. 17 after the Securities and Exchange Surveillance Commission filed a criminal complaint of accounting fraud with prosecutors against the company and three of its former executives. (Kyodo)

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Ex-Kanebo president indicted for window dressing

TOKYO, Japan - Former Kanebo Ltd. President Takashi Hoashi is released on bail from Tokyo Detention House on Aug. 18. Prosecutors indicted him along with a former vice president of the company earlier in the day on charges of issuing falsified financial statements in violation of the Securities and Exchange Law. (Kyodo)

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Struggling Kanebo logs 19.8 bil. yen net loss in April-Sept.

TOKYO, Japan - Akiyoshi Nakajima, president of struggling Kanebo Ltd., speaks at a press conference after reporting a group net loss of 19.8 billion yen for the April-September first half of fiscal 2005 in Tokyo on Nov. 29. (Kyodo)

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Kanebo names ex-Ascii chief Komori as president

TOKYO, Japan - Struggling Kanebo Ltd. said Jan. 20 it has decided to cede its presidency to Tetsuo Komori, the 47-year-old former president of computer information magazine publisher Ascii Corp., succeeding Takehiko Ogi. Photo shows Komori speaking during news conference in Tokyo the same day. (Kyodo)

E

Kanebo Trinity to change company, brand names to Kracie

TOKYO, Japan - Kanebo Trinity Holdings Ltd. President Tetsuo Komori (L) with the company's chairman Akiyoshi Nakajima at a news conference in Tokyo on Feb. 27 announcing that Kanebo Trinity will change the company and brand names to Kracie on July 1 to project an image of a company starting anew. The costs necessitated by the name changes are estimated at well over 1 billion yen. (Kyodo)

E

Bailout body selects Kao-led group as Kanebo buyer

TOKYO, Japan - Atsushi Saito, president of the Industrial Revitalization Corp. of Japan, speaks at a press conference after his agency formally selected a group led by Japan's top household products maker Kao Corp. as the buyer of ailing Kanebo Ltd. and Kanebo Cosmetics Inc. (Kyodo)

E

Kanebo in negative net worth at least in past 5 fiscal years

TOKYO, Japan - Kanebo Ltd. Chairman Akiyoshi Nakajima tells a press conference in Tokyo on April 13 that the company had been in negative net worth on a consolidated basis for five years from fiscal 1999 to fiscal 2003 as its former management falsified reports by such accounting fraud as inflating sales and underreporting expenses. (Kyodo)

E

4 certified public accountants arrested over Kanebo window dress

TOKYO, Japan - A car carrying Seiichiro Tokumi, one of four certified public accountants arrested Sept. 13, arrives at Tokyo Detention Center. Prosecutors on arrested the four for allegedly collaborating with former executives at Kanebo Ltd. in falsifying accounting reports. (Kyodo)

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Certified public accountants nabbed over Kanebo window dressing

TOKYO, Japan - Prosecutors arrive to search the house of Kuniaki Sato in Chiba Prefecture on Sept. 13, one of four certified public accountants who allegedly collaborated with former executives at Kanebo Ltd. in falsifying accounting reports. (Kyodo)

E

Certified public accountants nabbed over Kanebo window dressing

TOKYO, Japan - The Kasumigaseki Building in Tokyo's Chiyoda Ward houses the offices of ChuoAoyama PricewaterhouseCoopers. Prosecutors arrested four certified public accountants at the offices on Sept. 13 for allegedly collaborating with former executives at Kanebo Ltd. in falsifying accounting reports. (Kyodo)

E

Ex-Kanebo president, 2 former execs arrested for fraud

TOKYO, Japan - Photo shows a building in Tokyo which houses Kanebo Ltd. Prosecutors arrested a former president of Kanebo Ltd. and two other former executives on July 29 on suspicion of submitting falsified financial statements to financial authorities in violation of the Securities Exchange Law. (Kyodo)

E

FSA orders ChuoAoyama to suspend part of auditing services

TOKYO, Japan - Akio Okuyama, chairman and chief executive officer of ChuoAoyama PricewaterhouseCoopers, one of Japan's leading auditing firms, speaks during a news conference in Tokyo on May 10 after the Financial Services Agency issued a business suspension order to the company due to its failure to prevent an earnings falsification scandal at Kanebo Ltd. (Kyodo)

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Ex-Kanebo execs get suspended terms for window dressing

TOKYO, Japan - Takashi Hoashi (C), former president of Kanebo Ltd., arrives at the Tokyo District Court on March 27 to attend his trial. The court sentenced Hoashi to two years in prison, suspended for three years, for falsifying company financial statements to cover up capital deficits. (Kyodo)