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Ex-fishermens' Association boss in hot water over loan

Date Posted: 1998-02-14

A former director of the Karimata Fishermen's Association in Miyako Island was arrested, Monday, for his alleged involvement in obtaining a loan through fraud.

According to police, Manabu Shimosato, 42, was arrested after investigation revealed that he used his name as the former director of the Fishermen's Association, and the association funds to obtain a loan for his personal use. The police say Shimosato first used a 3 million Yen time deposit on the association's account as a collateral for a personal loan of 2.4 million Yen. After receiving the loan, he canceled the time deposit, withdrew the money, and paid back his personal loan pocketing the difference.

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