The criminal case surrounding S DIVISION HOLDINGS (SDH), a Philippines-based financial company, is proceeding through trial before the 6th Criminal Division of the Tokyo District Court. Among the defendants is Hajime Sumi, described as the company’s de facto manager.
What was sold in this case were foreign bonds and privately placed bonds issued by SDH and its affiliated companies. In 2023, Japan’s Securities and Exchange Surveillance Commission found that SDH had raised more than ¥15 billion from roughly 2,340 people, while the affiliated STEP CAPITAL MANAGEMENT had raised more than ¥5.2 billion from a cumulative 2,001 people. Subsequent investigative reporting has suggested the total amount solicited could reach as much as ¥46 billion.
Key Court Dates Confirmed So Far
According to information released by victims’ lawyers and a victim information-sharing site, the criminal trial has proceeded as follows.
- December 23, 2025
First hearing in the Financial Instruments and Exchange Act violation case against Sumi and other defendants, held in Courtroom 725 of the Tokyo District Court. - February 20, 2026
Second hearing in the fraud case against Aoi Ikeda, former president of SDH. - March 26, 2026
Second hearing in the fraud case against Chikashi Kotani. - April 13, 2026
The Tokyo District Court handed down a two-year prison sentence to Aoi Ikeda. - April 24, 2026
Second hearing in the Financial Instruments and Exchange Act violation case against Sumi, Tatsuo Umetani, Haruyuki Tokito, and Toyomi Hashimoto. - June 23, 2026
Third hearing for the related defendants; questioning of the defendants and witness examination centered on Tokito. - July 2, 2026
Questioning of Sumi himself took place; prosecutors requested a five-year prison sentence and a fine of ¥3 million. - July 24, 2026
Questioning of defendant Hashimoto and witness examination. - August 5, 2026
Closing arguments were presented for Umetani, Tokito, and Hashimoto.
As of this writing, there has been no official announcement or major media report confirming a verdict for Sumi himself. According to information released by victims’ lawyers, Sumi was released on bail on December 25, 2025, and there is no information indicating he remains in detention.
Some Defendants Have Already Received Prison Sentences
While the case as a whole remains before the courts, verdicts have already been handed down for some of those involved.
For Aoi Ikeda — former president of SDH and also a former president of the Nikkan Manila Shimbun — the 6th Criminal Division of the Tokyo District Court handed down a two-year prison sentence on April 13, 2026, according to reports from victims’ lawyers and an information-sharing site.
However, this verdict applies only to Ikeda’s individual fraud case, not to the Financial Instruments and Exchange Act violation case involving Sumi and the other defendants as a whole. Because the charges, indictments, and hearing schedules differ from defendant to defendant, each case needs to be considered separately.
Commentary — Tracking the Money Matters as Much as the Verdicts
The biggest unresolved question in this case is where the enormous sums of money that were raised ultimately went.
At the time funds were solicited, investors were told the money would be used for financial, real estate, and BPO businesses in the Philippines. Some reports say approximately ¥5.5 billion in interest was paid to investors, but it remains unclear from public information whether this came from actual business earnings or from funds collected through later bond sales.
Likewise, the full picture has not been made public regarding the total amount remitted from Japan to the Philippines, how much was invested in local subsidiaries or real estate, commissions paid to sales agencies, transfers to individuals connected with the case, or any assets that may have been seized.
The handing down of prison sentences for some defendants shows that criminal accountability is moving forward. But for victims, what matters most is not only punishment but tracing the funds and securing recoverable assets. How far investigators can untangle the bank accounts, corporate entities, real estate, and changes of ownership spanning both Japan and the Philippines will be the central issue going forward.
▶️ Information on the damage caused by this case and on the progress of the trial is also compiled and published on the S Division Related Victim Information-Sharing Site. The site accepts reports of damage and other relevant information from victims.
Anyone who has been affected, or who holds useful information, is encouraged to contact the site through its dedicated contact point.
Sources: Securities and Exchange Surveillance Commission, S Division Related Victim Information-Sharing Site, report on Sumi’s July 2 hearing, Fujimori Katsumi Law Office
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