Former Olympus president transferred private real estate holdings to family

The Tower & Parks Denenchofu Mizonoguchi is a 32-storey condominium built in 2006. Apartments in this building are priced at around 614,000 Yen/sqm (722 USD/sqft).

Former Olympus president Tsuyoshi Kikukawa transferred two of his privately held apartments to his family members in November 2011.

The transfer took place immediately following the announcement of the concealed corporate losses. It is thought that he transferred his property ownership in anticipation of civil prosecution.

According to the real estate title documents, Kikukawa owned two apartments in a 32-storey residential building in Takatsu-ku, Kawasaki City. He jointly owned a 110sqm apartment on the 30th floor with his son who currently resides in the UK, and fully owned a 105sqm apartment on the 28th floor. His ownership of both apartments were transferred to relatives on November 17th.

Kikukawa is not the only one trying to protect his assets. Another related party to the Olympus scandal is Hajime Sagawa who quickly divorced his wife in early November 2011. In the settlement Sagawa received just $1.5 million in assets while his wife received $9.9 million. Their $2.5 million marital home in Boca Raton was transferred to his wife for only $10.

In an unrelated corporate scandal, ex-chairman of Daio Paper Mototaka Ikawa had also attempted to protect his real estate assets by transferring the title of his 600 ~ 700 million Yen home in Hiroo to his eldest son’s name, just prior to reports that he had lost billions of Yen in corporate funds in a Macao casino. The transfer did not stop authorities from putting the house under provisional seizure.

The Asahi Shimbun, February 19, 2012.

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