Prison Sentence Upheld for Ex-Pres. of Kimono Rental Firm
Tokyo, May 24 (Jiji Press)--Tokyo High Court rejected Friday an appeal by the former president of failed kimono rental service company Harenohi to overturn his sentence over a loan fraud case.
Presiding Judge Tsutomu Tochigi upheld the two-and-a-half-year prison sentence for Yoichiro Shinozaki, 56, handed down by Yokohama District Court in December 2018 for window-dressing a financial statement to get loans.
"(Shinozaki) fraudulently took out loans by faking his company's financial status, and the damages are beyond recovery," Tochigi said.
According to the ruling, Shinozaki swindled Bank of Yokohama and Higashi-Nippon Bank out of a total of some 65 million yen in loans in September 2016. Shinozaki falsified his company's financial statements for the fiscal year to September 2015 to show that it posted an operating profit despite it actually being in the red.
Harenohi caused controversy last year, when the kimono renter suddenly closed its stores on the Coming-of-Age day on Jan. 8, leaving many young women without kimono to wear in ceremonies.
[Copyright The Jiji Press, Ltd.]