Japanese Billionaire Real Estate Investor Released On Bail

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Genshiro Kawamoto, the Japanese billionaire made infamous in Hawaii for the eccentric appearance of his many Kahala properties, was released from a Tokyo jail after posting bail. Kawamoto was arrested for tax evasion.

Japan Today writes that Kawamoto, 81, was arrested for tax evasion and granted bail late last month after posting $500 million yen (or US$5.1 million) in cash. Kawamoto apparently lives in a 5-star hotel in Tokyo. Excerpts from Japan Today:

The Tokyo District Public Prosecutor’s Office special investigation squad accused Kawamoto of hiding 3.5 billion yen in earnings and arrested him in early March. Kawamoto reportedly spearheaded a plot to cover up earnings and avoid paying 1 billion yen in taxes over the three financial years ending December 2011, Sankei Shimbun reported.

Prosecutors alleged that Marugen reportedly had a variety of means of hiding earnings, such as failing to report real rent costs and claiming tenants had failed to pay their rent.

Our own Adrienne LaFrance did a three-part series on the mysterious real estate mogul last year: 

Read our related coverage: 

– Land Barren: Japanese Billionaire Is Raising Eyebrows, Razing Houses

– Land Barren: Who is Genshiro Kawamoto?

– Land Barren: Since 2005, Dozens of Violations at Billionaire’s Properties

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Photo credit: John Temple, Civil Beat 2011.

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