crime

Property tycoon accused of tax evasion posts Y500 mil bail in cash

11 Comments

Ginza property tycoon Genshiro Kawamoto, 81, who was arrested for tax evasion earlier this month, was granted bail Thursday after he paid 500 million yen in cash.

The Tokyo District Public Prosecutor’s Office special investigation squad accused Kawamoto of hiding 3.5 billion yen in earnings and arrested him in early March. Kawamoto reportedly spearheaded a plot to cover up earnings and avoid paying 1 billion yen in taxes over the three financial years ending December 2011, Sankei Shimbun reported.

Prosecutors alleged that Marugen reportedly had a variety of means of hiding earnings, such as failing to report real rent costs and claiming tenants had failed to pay their rent.

Kawamoto, who lives in a 5-star hotel in Tokyo, has denied the charges.

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11 Comments
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I can't even imagine what 500 million yen in cash looks like. Must fill up a few suitcases. Where did he get it from? I can't believe he asked an assistant to go into his bank and withdraw 500 million in cash.

3 ( +3 / -0 )

Probably paid for it with money he'd ripped off in taxes.

1 ( +1 / -0 )

If the guy has a big home in Hawaii, he should have stayed there.It is a much better place to retire than Tokyo anyways.

3 ( +3 / -0 )

DudeDeuce....

He has something like 30 homes he bought over a few years in Kahala. He has a terrible reputation here for leaving the houses to rot, tearing them down and placing tons of ugly statues on the properties. The residents are in an outrage and he has ruined the exclusive area. He actually lives in the Halekulani Hotel in Waikiki while he is here.....truly strange guy!

1 ( +1 / -0 )

81, charged for tax evasion, can walk out of his punishment with a 500 million yen bail. He greased the right hands.

3 ( +4 / -1 )

His home may be in prison soon...

1 ( +2 / -1 )

Next step - claim illness and drag the legal proceedings out; rinse & repeat until he is actually bedridden. Doubt he ever goes to court...

1 ( +4 / -3 )

So just keep his 500 million bail and call it even. Apparently it is just walking around money for him, so he won't miss it.

-1 ( +0 / -1 )

@ Dudedeuce If the guy has a big home in Hawaii, he should have stayed there.It is a much better place to retire than Tokyo anyways. because in Tokyo hes a somebody, in Hawaii hes a nobody. like many other rich/famous big in there own back yard, a nobody when somewhere else.

0 ( +0 / -0 )

Kind of indicates he may have been a little light on his tax bill.

0 ( +0 / -0 )

" accused Kawamoto of hiding 3.5 billion yen in earnings"

Heaven forbid a person should avoid being deprived of his own property. Whose earnings were they again? The bail is probably less than the actual tribute.

0 ( +0 / -0 )

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