Yamaura to Be Fined for Making False Financial Statements

Tokyo, Dec. 3 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission recommended Tuesday that the Financial Services Agency impose a fine of 18 million yen on general contractor Yamaura Corp. for releasing false financial statements.

Hiroyuki Murata, 64, a former accountant at the company listed on the Tokyo Stock Exchange's Prime section, allegedly prepared false financial statements between August 2020 and February 2023 to hide his illegal withdrawal of some 2.6 billion from a subsidiary, according to the commission.

Murata is on trial for corporate embezzlement.

"We take seriously the recommendation from the commission and will consider how to respond to a formal notice from the agency," Yamaura, based in Komagane, Nagano Prefecture, said in a statement.

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