Internal Strife Breaks Out at Sekisui House Again

Economy

Tokyo, Feb. 17 (Jiji Press)--An internal struggle has reignited at Sekisui House Ltd. <1928>, with former Chairman Isami Wada making a shareholder proposal to replace the firm's present management team, including President Yoshihiro Nakai.

Wada was virtually dismissed from the position in 2018 in an in-house dispute after the company fell victim to a fraudulent deal for a land plot in Tokyo.

At a press conference in Tokyo on Monday, Wada said that his proposal calls for appointing 11 new board directors, including himself and Fumiyasu Suguro, who is currently a director and senior managing officer, while urging Nakai and incumbent Chairman Toshinori Abe to resign.

Sekisui House is slated to hold a general meeting of its shareholders in late April.

Wada claimed that the current management team is hiding information related to the firm's investigation into the fraud case. The purpose of the shareholder proposal is to "thoroughly turn Sekisui House into a transparent company, not to get myself back to power," Wada said.

[Copyright The Jiji Press, Ltd.]

Jiji Press