Head of Sumitomo `repents' by quitting
The announcement accompanied an admission by the president of Sumitomo, Kenji Miyahara, that the company first learned "some facts" on the activities of its former head of copper trading, Yasuo Hamanaka, from a Panorama programme broadcast by the BBC last week. Last week Mr Hamanaka pleaded guilty to fraud and forgery in the Tokyo District Court.
Mr Miyahara said the company's internal investigation would take "several more months", and had been delayed by the inadequacy of information in internal Sumitomo documents.
In a letter to the company's New York lawyers, Mr Akiyama said that Sumitomo "showed itself to be a model for international corporate behaviour" in its handling of the affair.
Japanese executives often respond to scandals by resigning, although in many cases it is little more than a symbolic gesture which still allows them to exercise power behind the scenes. Mr Akiyama has been appointed an "adviser". Asked what his new salary would be, a spokesman replied, "We are not obliged to disclose that."
- 1 What, let gays get married? We must be bonkers
- 2 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 3 Rocky Horror star Tim Curry 'suffers major stroke'
- 4 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
- 5 Exclusive: Woolwich killings suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.