Executive with gambling problem gets 4 years in jail

7 years ago by in Featured, Japan

The former chief of Japanese group of companies Daio Paper was sentenced to four years in prison, after abusing his position to get money that he gambled at casinos in Macau and Singapore.

Mototaka Ikawa, aged 48, ordered subsidiary firms at the company founded by his grandfather to supply cash that he used to gamble and to cover growing debts, according to a decision by the Tokyo District court.

The amount of money that Ikawa stole was approximated at Y5.5 billion ($70 million).

“He abused his controlling power over group companies,” Judge Masaya Hotta said.

The sentence was less than the six years requested by prosecutors, but Ikawa’s lawyers immediately filed an appeal.

Ikawa had issued a statement entitled “Apology” after his arrest in November, in which he explained that his gambling problems began after he initially won a casino jackpot, which followed heavy losses on currency and stock markets.