Japanese computer giant Fujitsu is stirring the Tokyo Stock Exchange as shenanignas between the current board and an ousted former president continue to worry investors.
The company's stock fell by three per cent yesterday as former boss Kuniaki Nozoe revealed he hadn't suddenly resigned recently because he was sick, but was booted out because of alleged links to an organisation with "an unfavourable reputation".
More than one commentator has suggested that, in polite Japanese parlance, that particular phrase is frequently used as a euphemism for organised crime syndicates.
Nozoe was said to be working on an undisclosed project with a company headed up by an old chum back in February 2009, but when the Fujitsu board got wind of the hook-up, they investigated the company. And as a result of the investigation, Fujitsu decided that the relationship was 'innapropriate'.
Soon after that Nozoe announced that he was resigning for 'health' reasons.
It's quite common in Japanese business for ousted directors commit corporate seppuku by resigning rather than bringing shame on the company.
But Nozoe is seeking to have the reason for his resignation nullified in order to 'restore his honour'.
The TSE is expected to look closely at this whole matter as false disclosures concerning top board members are taken very seriously.