P. M. BRIEFING : Pickens Sues Firm in Tokyo Court
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TOKYO — T. Boone Pickens is carrying his Japanese corporate battle to court with a lawsuit to gain access to the financial books of Koito Manufacturing Co. Ltd., the auto parts maker of which he is the largest shareholder, Pickens’ lawyer said today.
Pickens filed the lawsuit in Tokyo District Court, his lawyer, Kanji Ishizumi, said. “We are confident that Pickens will win. But it is all up to the judges,” Ishizumi said.
Koito has not agreed to Pickens’ request for the right to look over its account books covering the years from April 1, 1979, he said.
Koito told Pickens to wait until Jan. 22 for a response, Ishizumi said. “But there is no reason why we have to wait that long,” he added.
Pickens holds a 26% stake in Koito through his private investment firm Boone Co. Toyota Motor Corp. holds 19% of Koito’s shares, buys the bulk of its output, and has three seats on its board. Pickens has been denied any seats.
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