BikeBiz Bicycle and cycling retail news
Police in Tokyo arrested five of Maruishi’s executives yesterday, including Yoshio Yagi,who was fired as president on May 25th.
The Japanese bicycle maker – said to be "struggling" by the Kyodo News agency – is suspected of falsifying capital increases, providing its own funds to those affiliated with stock subscribers.
The police suspect that Maruishi, listed on the Second Section of the Tokyo Stock Exchange, made the ‘double gearing deals’ with several companies since 2002.
