oh no ! Mugen say it ain't so !
07-02-2003, 06:15 AM
#1
Registered User
Thread Starter
oh no ! Mugen say it ain't so !
TSN (of all places) had this on their site
<http://www.tsn.ca/auto_racing/news_story.asp?ID=45989>
Mugen-Honda founder arrested
TSN.ca Staff
7/1/2003
The son of Japanese car giant Honda has been arrested as part of a tax evasion investigation.
Prosecutors in Japan launched a criminal investigation into Mugen, which is tied into Honda Motor company, claiming the company failed to pay more than $5-million in corporate taxes. Hirotoshi Honda, the president of Mugen and son of the late Soichiro Honda, has been arrested alongwith the company's auditor.
Mugen was established in 1973 as part of Honda's racing team factories. It manufactured, supplied and developed Formula One engines for Honda and its group of companies. Jordan F1 used the engines from 1998-2000.
Prosecutors says Mugen hid its income by moving funds to another company, MG Estate - of which the 61 year old Honda is a board member - for three years starting in 1997.
While Honda - Japan's third largest automaker - no longer funds Mugen, it still teams with the firm to participate in auto races.
<http://www.tsn.ca/auto_racing/news_story.asp?ID=45989>
Mugen-Honda founder arrested
TSN.ca Staff
7/1/2003
The son of Japanese car giant Honda has been arrested as part of a tax evasion investigation.
Prosecutors in Japan launched a criminal investigation into Mugen, which is tied into Honda Motor company, claiming the company failed to pay more than $5-million in corporate taxes. Hirotoshi Honda, the president of Mugen and son of the late Soichiro Honda, has been arrested alongwith the company's auditor.
Mugen was established in 1973 as part of Honda's racing team factories. It manufactured, supplied and developed Formula One engines for Honda and its group of companies. Jordan F1 used the engines from 1998-2000.
Prosecutors says Mugen hid its income by moving funds to another company, MG Estate - of which the 61 year old Honda is a board member - for three years starting in 1997.
While Honda - Japan's third largest automaker - no longer funds Mugen, it still teams with the firm to participate in auto races.
07-02-2003, 06:39 AM
#3
Registered User
Join Date: Feb 2001
Location: West Henrietta UPSTATE NY
Posts: 58,680
Likes: 0
Received 1 Like
on
1 Post
Matrix and I were talking about this a few days ago. I told him then I thought it was no big deal, well unfortunately I did my yen to dollar conversion wrong.
The 4 billion yen is in the $33 million USD range, and that WILL hurt them. I don't know if it will hurt enough to close their doors but it could be the end of the F-1 program....
The 4 billion yen is in the $33 million USD range, and that WILL hurt them. I don't know if it will hurt enough to close their doors but it could be the end of the F-1 program....
07-02-2003, 06:45 AM
#6
Registered User
Join Date: Feb 2001
Location: West Henrietta UPSTATE NY
Posts: 58,680
Likes: 0
Received 1 Like
on
1 Post
Ok, we have some wildly varying stories. F-1 Live reported 600 million yen, and that IS only about $5 million USD.
I love the media; it is so hard to get the real facts....
I love the media; it is so hard to get the real facts....
Trending Topics
07-02-2003, 07:02 AM
#8
Registered User
Join Date: Feb 2001
Location: West Henrietta UPSTATE NY
Posts: 58,680
Likes: 0
Received 1 Like
on
1 Post
http://mdn.mainichi.co.jp/news/20030701p2a...0fp020000c.html
Hirotoshi Honda's company, Mugen Co., in Asaka, Saitama Prefecture, is suspected of evading the payment of about 1 billion yen in corporate tax by failing to properly declare more than 3 billion yen income for a three-year period until October 2000.
If they only have to pay the back taxes of about $5 million USD, they company will be fine I would suspect.
It is a shame, talk about loosing face for Honda's family....
Hirotoshi Honda's company, Mugen Co., in Asaka, Saitama Prefecture, is suspected of evading the payment of about 1 billion yen in corporate tax by failing to properly declare more than 3 billion yen income for a three-year period until October 2000.
If they only have to pay the back taxes of about $5 million USD, they company will be fine I would suspect.
It is a shame, talk about loosing face for Honda's family....
