Fujitsu accuses ex-president of Yakuza ties

Fujitsu has fallen afoul of its ex-president, Kuniaki Nozoe, after he and a couple of mates were accused of ties to Yakuza and Japanese organised crime, reports the Wall Street Journal.

Fujitsu apparently accused Mr. Nozoe of failing to heed a warning about getting involved with an investment fund linked with mobsters. Mr. Nozoe claims Fujitsu bigwigs approached him on the day he resigned, last September, and specifically named two investment bankers of the company Sandringham Private Value KK, pointing out ties to Yakuza.

Sandringham Private Value is now demanding 330 million yen, or about $3.5 million, for compensation to damages against its name. It is also seeking a public apology in the form of an advert.

Fujitsu has refused to comment so far because it has not received official notice of the lawsuit. However, it has strongly denied that it said Sandringham has ever had connections to organised crime. A taped conversation between Fujitsu board members and Mr. Nozoe would disagree, though, say plaintiffs.

Sandringham says that it is feeling the hit from the accusations – claiming that the markets it operates in, at home and abroad, have seen its reputation plummet.