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Former bosses of rogue copper trader to resign

March 28, 1997

TOKYO (AP) _ Two senior executives of Sumitomo Corp. will resign before their terms expire after a copper trading scandal that cost the firm $2.6 billion, a company spokesman said Friday.

The move follows the resignation last month of former chairman Tomiichi Akiyama, who had hoped to ``put closure″ on the scandal by quitting.

The two executives to resign this time are senior managing director Ryo Yamakawa and director Akio Imamura, who were both in charge of the company’s metals dealings when its former star trader Yasuo Hamanaka allegedly accumulated losses through unauthorized copper trading.

The company spokesman said Sumitomo accepted the voluntary resignations from the two executives but denied that they were quitting to take responsibility for the scandal.

Hamanaka was arrested last October and accused of forging signatures and swindling a Sumitomo subsidiary out of $770 million to cover his losses. He pleaded guilty to the charges last month.

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