Ex-Sumitomo execs to pay 430 mil. yen in damages

Ex-Sumitomo execs to pay 430 mil. yen in damages

OSAKA, Japan - The Osaka District Court on March 15 holds a conciliation session for five former executives of Sumitomo Corp. and a corporate shareholder over huge losses from Sumitomo's unauthorized copper deals. The former Sumitomo executives agreed with Yubo Sangyo K.K., an Osaka-based textile firm, to pay 430 million yen in damages to the company for their failure to detect unauthorized deals by an employee.

Toshiba picks ex-Sumitomo Mitsui Banking executive Kurumatani as CEO

Toshiba picks ex-Sumitomo Mitsui Banking executive Kurumatani as CEO

Nobuaki Kurumatani, former deputy president of Sumitomo Mitsui Banking Corp., speaks to the press in Tokyo on Feb. 14, 2018, after being appointed as chairman and chief executive of Toshiba Corp. (Kyodo) ==Kyodo

Ex-Sumitomo execs to pay 430 mil. yen in damages

Ex-Sumitomo execs to pay 430 mil. yen in damages

OSAKA, Japan - The Osaka District Court on March 15 holds a conciliation session for five former executives of Sumitomo Corp. and a corporate shareholder over huge losses from Sumitomo's unauthorized copper deals. The former Sumitomo executives agreed with Yubo Sangyo K.K., an Osaka-based textile firm, to pay 430 million yen in damages to the company for their failure to detect unauthorized deals by an employee.

Ex-Sumitomo Corp. trader

Ex-Sumitomo Corp. trader

TOKYO, Japan - Yasuo Hamanaka (C), a former trader at Sumitomo Corp., is taken to the Tokyo Detention House after being arrested on suspicion of illegal copper transactions mainly on the London Metal Exchange. The photo was taken on Oct. 22, 1996. (Kyodo)