Pressance Chief Steps Down after Arrest

Economy Society

Osaka, Dec. 23 (Jiji Press)--Shinobu Yamagishi stepped down as president of Pressance Corp. <3254> on Monday after his recent arrest for alleged embezzlement, the Japanese real estate firm said.

Yamagishi was replaced by Yutaka Doi, Pressance vice president, said the company, based in Osaka, western Japan.

At a press conference, Doi offered an apology for the arrest of his predecessor.

Yamagishi was arrested on Dec. 16 on suspicion of conspiring with others to embezzle deposit money of 2.1 billion yen that school operator Meijo Gakuin Education Corp. gained from the sale of a land plot.

Doi said Pressance has set up a third-party committee to investigate the matter in an effort to restore trust in the company.

[Copyright The Jiji Press, Ltd.]

Jiji Press