March 05, 1999
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| March 05, 1999 | atimes.com | |
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| Japan Economy Former Japanese bank officials arrested over loans TOKYO - Three former high-rankingofficials of the now defunct Hokkaido Takushoku Bank werearrested Tuesday evening on charges of extending loans thatthey knew would not be paid back, resulting in massive lossesto the bank. The Hokkaido Prefectural Police Headquarters arrested twoformer bank presidents - Hiroshi Yamauchi and SadamasaKawatani - and a former managing director, charging them withaggravated breach of trust under the Commercial Code. Thepresident of Therme International Hotel System, which receivedthe loans, was also arrested. The three former Hokkaido Takushoku officials allegedlycontinued to lend funds to the Therme group for hotel andresort development on Hokkaido even after the projects raninto legal roadblocks. Fearing that their involvement in suspect land deals wouldbe discovered, the officials extended further loans, accordingto police authorities. Last October, Hokkaido Takushoku's credit researchcommittee filed a complaint with the police over theofficials' involvement in lending about 10 billion yen betweenApril 1994 and October 1997. (Asia Pulse/Nikkei) | |||||||||
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