Former president and CEO of Atlus parent Index Corporation Masami Ochiai has been arrested by Japanese authorities. Ochiai is accused of fraudulently reporting a third quarter profit for the 2012 fiscal year in the financial records of Index prior to the company’s sale to Sega Sammy Holdings last year.
Index Corporation, the bankrupt parent company of Japanese developer and publisher Atlus, filed for bankruptcy in 2013, 24.5 billion JPY (US$224 million) in debt.
Last September Sega Sammy established a subsidiary, Sega Dream Corporation, to acquire the assets of Index for 14 billion JPY (US$140 million). About 20 companies bid to acquire Atlus from Index, with bids reportedly well over Index Corporation’s expectations.
