The contents of the “financial troubles in the doldrums” that occur in a long-established real estate group with total assets of 10 billion yen that also leases land to Mitsukoshi Department Store in Nihonbashi.

A large amount of money was paid in an “international romance scam.

A well-known company with land and buildings in a very prestigious area of Tokyo is reportedly experiencing surprising “financial troubles.

Company X, a long-established company with an office in Nihonbashi (Chuo Ward), Tokyo, has been in business for 75 years this year. The company’s core business is real estate, owning a number of properties in Ginza and Nihonbashi, as well as a mid-sized cab company with a 70-year history.

The tenant building along Ginza’s Namiki-dori Avenue, with an asset value of approximately 5 billion yen, also belongs to Company X. “In the old days, people used to say, ‘I want to own a shop in Ginza. The company is so well known in this area that it was once said, ‘If you want to own a store in Ginza, you should consult with Company X.

The cab company under its umbrella also has a huge office in Setagaya Ward, and the total assets of the group, including these two companies, are said to be close to 10 billion yen,” said a local real estate official.

Company X also leases land to Nihonbashi Mitsukoshi, famous for being the first full-scale department store in Japan. Although only a portion of the land is leased, the company still earns tens of millions of yen in rent each month, making it a major source of income for the company.

A male employee who used to work for a cab company operated by X Corp.

One of the male employees who used to work for a taxi company operated by Company X, told us in a hushed voice, “In November last year, our business rights and the company’s land and buildings were suddenly sold to a major cab company. The number of vehicles in our fleet had been gradually decreasing, but it should not have been enough to cause a sudden downturn in our business performance. So why ……?

When we searched for the reason, we found that Mr. A, the president of Company X, had apparently fallen in love with a young woman and had access to the company’s money. Moreover, he had never met the woman, even though he had contributed a lot of money to her.

This is a so-called “international romance scam. The amount of money swindled by the woman is said to have exceeded 400 million yen, and X company’s cash flow rapidly deteriorated. It seems that in order to save their parent company from a difficult situation, they had no choice but to let go of the cab business.

Our company was run by Mr. A’s 30-something son, Mr. B. Mr. B did his best to make sure that the company’s 90 or so employees were able to make ends meet by helping them find new jobs. But it turned out that Mr. A had also been taking control of the company’s other assets,” he said.

More than 400 million yen used for private purposes in one month

What kind of person is Mr. A in the middle of all this?

Company X was founded by Mr. A’s father. According to the company registration, the founding president passed away in 2004, and Mr. A became president about a month before that. Mr. A, who is now in his mid-60s, experienced a “change” soon after entering 2011.

A real estate insider said, “Mr. A’s bad habit of womanizing is very bad.

His bad taste in women has been well known for a long time, and at the end of 2010, his wife of many years was demanding a divorce from him. Perhaps feeling lonely as a single man, he told everyone around him that he wanted to remarry right away.

In the midst of all this, around July 2011, the woman in question approached him with an investment proposal, and “in less than a month and a half until late August, Mr. A contributed a total of 440 to 50 million yen,” according to the report. Most of the money was company money, which he transferred from the company account to his own account before paying the women, and this practice was soon exposed.

When pursued by his son, Mr. B, Mr. A countered, “It’ s my company, so I’ll do what I want. As if the transfer of the cab business was not enough, he is reportedly selling the land and buildings he owns one after another, and is also about to give up the land of Mitsukoshi Nihonbashi.

He said, “Even though it is a group company with total assets of 10 billion yen, Company X itself, which unites the group, is a small, family-run company. That is probably why Mr. A was able to move money freely with the authority of the president. Mr. A told the company’s legal counsel, ‘I am aware that this is embezzlement. On the other hand, he also said that he has no intention of stepping down from the management of the company.

We sent a letter of inquiry to Mr. A, but received no response by the deadline.

One of the former employees mentioned above said in a low voice, “Mr. B told people around him that he was a private person and that he was a member of the company.

I hear that Mr. B is telling people around him that he cannot forgive his father for putting a large amount of company money into personal matters and putting the business on a downward spiral. He is considering taking further action, including legal action.

The financial troubles that occurred at this long-established ¥10 billion company were so poorly handled that they developed into a dispute between the parents and their children.