Toyota Denies Blocking Accusatory Pickens Ads

Toyota Motor Corp. denied today that it tried to prevent Texas oilman T. Boone Pickens from placing ads in local newspapers in his battle to assert ownership rights in a Japanese company.

But several of Tokyo’s largest newspapers said they held up the ads, which claim that collusive business practices force higher prices on consumers. The papers said they were considering printing a version that omits company names.

“There’s no freedom of speech in Japan,” said Pickens’ lawyer, Kanji Ishizumi. “Toyota published an ad in a U.S. paper saying ‘shut up’ to Pickens. They were able to enjoy freedom of speech in the United States, but Pickens can’t do that here.”

Pickens issued a statement Wednesday in Texas claiming that Toyota and its powerful advertising agency, Dentsu, were trying to block him from publishing the ads.

Since last year, Boone Co., a U.S. investment firm, has held the largest equity stake in Koito Manufacturing Co., a major auto parts maker closely linked to Toyota, Japan’s largest auto maker.

Pickens says his unsuccessful battle to gain a seat on Koito’s board of directors and to exercise leadership in the firm illustrates how investment opportunities are closed to foreigners in Japan.

The Pickens ad is addressed to consumers, auto parts employees and shareholders of Koito.