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Credit cooperative goes broke over Princeton bonds

KOBE, Japan - Hajime Shinobe, chief of Kita Hyogo Credit Cooperative, apologizes at a news conference at Hyogo Prefecture Hall in Kobe on Oct. 29, explaining that the financial institute went bankrupt due to huge losses incurred through its purchase of U.S. Princeton bonds. The credit cooperative lost 1 billion to 2 billion yen on the bonds bought from the Tokyo branch of Cresvale International Ltd.

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Ex-Yakult exec. pleads guilty to tax evasion in bond scandal

TOKYO, Japan - Naoki Kumagai, a former vice president of Yakult Honsha Co. who pleaded guilty at the Tokyo District Court on May 18 to tax evasion charges in connection with illicit transactions of so-called ''Princeton bonds,'' is shown in a file photo. He entered not-guilty pleas on other charges, such as aggravated breach of trust and fraud, concerning the bond transactions which involved the Japanese lactic drink maker and the Tokyo branch of U.S.-based securities firm Cresvale International Ltd.

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Credit cooperative goes broke over Princeton bonds

KOBE, Japan - Hajime Shinobe, chief of Kita Hyogo Credit Cooperative, apologizes at a news conference at Hyogo Prefecture Hall in Kobe on Oct. 29, explaining that the financial institute went bankrupt due to huge losses incurred through its purchase of U.S. Princeton bonds. The credit cooperative lost 1 billion to 2 billion yen on the bonds bought from the Tokyo branch of Cresvale International Ltd.