Hiroshi Mikitani, the chairman and chief executive officer of Japanese e-commerce giant Rakuten, has become the latest retail figure ensnared in the “Panama Papers” case.

Japanese media have reported that Mikitani has been named in the Panama Papers as a shareholder in an offshore company. The reports cite leaked documents showing that Mikitani was a stakeholder in a company registered in the British Virgin Islands in 1995, before he founded Rakuten.

Mikitani defended the legality of the investment.

“Regarding the investment quoted in recent media reports, I have a clear conscience about this as a legal investment made purely for business purposes,” he said via a statement.

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