Sekisui House Management Wins Fight with Ousted Chairman

Economy

Osaka, April 23 (Jiji Press)--The management of Sekisui House Ltd. <1928> won a fight with an ousted chairman on Thursday as shareholders approved a slate of directors nominated by the company.

The directors include current Chairman Toshinori Abe.

A shareholder proposal by Isami Wada, the former chairman who was effectively dismissed in 2018, to replace most board members was rejected at a meeting in Osaka, western Japan. Wada's slate of nominees to the board included himself.

The fight centered on a fraudulent land deal in Tokyo in 2017 that led the company to book a special loss of 5.5 billion yen. Then Chairman Wada and President Abe locked horns over who was responsible, and Wada was forced to resign in the end.

Wada criticized the company for hiding information disadvantageous to Abe by declining to reveal the whole of an investigation report on the fraud.

[Copyright The Jiji Press, Ltd.]

Jiji Press