Mugen boss arrested

Hirotoshi Honda has stepped down as president of Mugen after being arrested on suspicion of a massive tax evasion. Honda (61) is accused of dodging $8.3m in corporate taxes by hiding $25m of income in a separate company and creating false accounts to cover the money.Honda and Mugen's auditor, Norio Hirokawa, allegedly doctored the books for three years between 1997 and 2000. Hirokawa was also arrested.The Honda Motor Company, which was founded by Hirotoshi's father Soichiro, did hold a 40% stake in Mugen until 1999 when the shares were returned to Hirotoshi Honda.