April 23, 1997 in Nation/World

Japanese Executives To Repay Extortion

Compiled From Wire Services

Executives of a leading Japanese department store chain have agreed to repay the company $1.36 million for money they gave to extortionists.

The agreement is part of an out-of-court settlement Monday of a shareholder lawsuit against Takashimaya Co. It marks the first time a Japanese company will be reimbursed by employees for such payoffs.

The case involved “sokaiya,” people who demand payment from corporations in exchange for not disrupting annual shareholders’ meetings by heckling or raising embarrassing issues.

Thoughts and opinions on this story? Click here to comment >>

Get stories like this in a free daily email