The organisation's Executive Board yesterday named a selection of leading figures from major domestic stakeholders to help stir excitement and passion for the Olympics and Paralympics in six years time.

Among the names was Japanese businessman and the world's former richest man, Tsutsumi, who, in 2005, was involved in a financial scandal that resulted in a 30 month prison sentence, suspended for four years, and a fine of ¥5 million ($50,000/£29,000/€35,800).

The 80-year-old, still a major stakeholder in Japanese conglomerate the Seibu Corporation, was convicted of insider trading and falsifying financial statements whilst in control of the firm.

Yoshiaki Tsutsumi was instrumental in securing the hosting rights to the 1998 Winter Games in Nagano ©Getty Images



Despite the prior convictions, a spokesperson for Tokyo 2020 defended the appointment of Tsutsumi who, from 1989 to 1990, served as President of the Japanese Olympic Committee (JOC), becoming the head of the organisation following its split from the Japan Amateur Sports Association.

"Tsutsumi was JOC President at one time and as supreme advisor to the National Olympic Committee he is dedicated to the Olympic Movement," a spokesman told insidethegames. 

"His knowledge of the Olympic Movement and dedication is a huge asset."

Prior to the financial scandal, Tsutsumi also served as an honorary member of the International Olympic Committee, resigning in 2009, after nine years in the role, as his corruption scandal deepened.

He is also considered to have played a key role in securing the hosting rights to the 1998 Winter Olympic Games for Nagano, Japan.

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