Tomiichi Akiyama

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On February 26, 1997 "The Board of Directors of Sumitomo Corporation announced that they have accepted the resignation of Mr. Tomiichi Akiyama..

"Kenji Miyahara, President of Sumitomo Corporation, released a letter from Mr. Tomiichi Akiyama, Chairman of Sumitomo, stating his intention to resign from the Company. The letter was written to Mr. Martin London, a partner at the law firm of Paul, Weiss, Rifkind, Wharton and Garrison, who is leading the internal investigation looking into the details of the unauthorized trading activities of Mr. Yasuo Hamanaka was the chief copper trader at Sumitomo Corporation- one of the largest trading companies in Japan - and was also known as "Mr. Copper" because of his aggressive trading style and "Mr. Five Percent" because that is how much of the world's yearly supply he controlled. and the financial losses that the Company incurred as a result of those activities...

"Mr. Akiyama joined Sumitomo Corporation in 1953 and has held a variety of positions during that time. He was elected a director in 1983, a Senior Managing Director in 1986 and was elected Executive Vice President in 1987. In 1990 he became President, and in 1996 he became Chairman of the Board of Directors." [1]

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