Seibu's founder left his railway empire to his third son over the eldest, and that son was convicted in 2005 over shares kept in other people's names

Yasujiro Tsutsumi founded Seibu Railway, built the Seibu group and served as President of Japan's House of Councillors. He kept control through a holding company, Kokudo. A family rule said: "We must never sell a majority of our shares or allow ourselves to be taken over." He died in April 1964. Yoshiaki, 30, the third son and a child of his third wife, inherited control of the group over the objection of the widow. The eldest son, Seiji, a half-brother, received only the department stores and a helicopter firm. Forbes listed Yoshiaki as the world's richest man from 1987, at $20 billion. Kokudo kept part of its Seibu Railway shares in employees' names. Seibu's filings reported Kokudo's stake at about 43 percent when it held 64 percent, which kept the top shareholders below a delisting limit. Yoshiaki was arrested on 3 March 2005 for false filings and insider trading. He pleaded guilty. On 27 October 2005 the Tokyo District Court sentenced him to 30 months in prison, suspended for four years, and a ¥5 million fine. The family's equity ties to the railway ended, and outside investors recapitalised Seibu. On 17 November 2005 Seiji, his brother Yuji and two grandchildren sued in Hawaii for ownership rights in Seibu's Hawaii hotels, alongside a suit in Japan over Kokudo. I could not find the outcome of the heirs' suits^†. Seibu settled its own claim against Yoshiaki in 2016 for ¥25.6 billion.