Thursday, April 26, 2007
I have been waiting a year-and-a-half to find some way of working Peter Seller's sidekick, Kato, into this blog, who apart from being very amusing is consistent with my predisposition towards always being on the lookout for something that might blindside me. Now, with the clarification of just how cooked the books Katokichi Company's (TSE Code #2873) books actually were, founding family member and now-former President Yoshikazu Kato has decided to fall on his sword (metaphorically speaking, that is) and stepp down.
The total amount of faked sales were estimated at USD$1bn over the previous 6 years, reasonably in excess of initial estimates and amounting to somewhere between 5 and 10% of annual company sales. While I believe there will be phoenix-like value emerging from the ashes, I do believe that the eventual restatement of prior years' accounts will keep on a lid on things and cause further price distribution from liquidation and so would take any meager short-term profits, and as the old saw goes, get out of Dodge...