Leopalace21 Pres. to Resign over Shoddy Apartment Construction

Economy Society

Tokyo, May 10 (Jiji Press)--Leopalace21 Corp. <8848> said Friday that President Eisei Miyama, 61, will resign on May 30 over its shoddy apartment construction suspected of violating the building standards law.

Also on Friday, the major apartment rental firm reported a group net loss of 68,662 million yen for the year that ended in March, due partly to costs for repairs to affected apartment buildings. In the preceding year, the company posted a net profit of 14,819 million yen.

The incumbent president, a nephew of former President Yusuke Miyama, the founder of Leopalace21, will be replaced by Bunya Miyao, 59, who has served as managing executive officer since April 2018.

In 2006, the founder resigned from the presidential post over the misappropriation of funds collected from apartment residents for mutual aid.

[Copyright The Jiji Press, Ltd.]

Jiji Press