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Japan-Update

Cheated Japanese developer missed multiple warnings in land fraud

Internal report pins 'ethical responsibility' on management

Sekisui House was swindled out of 6.3 billion yen in a deal to buy this Tokyo property.

OSAKA -- Sekisui House disregarded a series of warnings about a suspicious land deal last year and put too much trust in documents furnished by the fraudsters, the developer said in a report released Tuesday.

The fraud led to a management reshuffle in January. The move, which the company initially said was meant to facilitate a smooth "change of generation," was later revealed to be a boardroom coup.

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