TOKYO (TR) – Tokyo Metropolitan Police have re-arrested a former department head of a subsidiary of trading company Marubeni as part of an investigation in an alleged embezzled of more than 300 million yen, reports the Asahi Shimbun (Feb. 23).
On seven occasions over a five-year period beginning in 2010, Norio Hoshino, 57, a former head of a politics and economics division at Marubeni Pulp & Paper, allegedly embezzled a total of 26 million yen by transferring the funds from several corporate accounts.
“I used the money for stocks and horse racing bets,” the suspect, a resident of Chiba Prefecture, is quoted by police in admitting to the allegations.
Hoshino added that he began siphoning off money from the company in 2000. Police suspect around 328 million yen in total was embezzled.
According to police and the company, a subordinate going through the books discovered the criminal activity in December of 2015.
In a statement issued on February 23, offered an apology for a “regrettable situation.” “We recognize the seriousness of this misconduct and will do our utmost to prevent a recurrence,” the statement said.
Hoshino was fired by the company in August of last year. Police first arrested him on January 5. He was prosecuted later that month. The matter was not revealed until February 23 so as to not hinder the investigation, the company said.