Former Kansai Kogin execs arrested over dubious loans

Former Kansai Kogin execs arrested over dubious loans

OSAKA, Japan - Former Kansai Kogin Chairman Lee Hui Gon enters Osaka prefectural police for questioning Jan. 25. Police later arrested the former head of the failed local credit union, which mainly serves the South Korean community, along with six others in connection with loans that the police believe the union officials knew would not be repaid.

Korean residents seek protection for failed union customers

Korean residents seek protection for failed union customers

OSAKA, Japan - South Korean residents in Japan march to the Finance Ministry's Kinki Bureau in Osaka on Dec. 19 seeking financial protection for customers of the defunct Kansai Kogin. The credit union, whose customers are mainly resident South Koreans, was declared insolvent on Dec. 16.

FRC declares Kansai Kogin, Tokyo Shogin insolvent

FRC declares Kansai Kogin, Tokyo Shogin insolvent

TOKYO, Japan - Hakuo Yanagisawa, chief of the government's Financial Reconstruction Commission (FRC), declares at a news conference in Tokyo on Dec. 16 Kansai Kogin and Tokyo Shogin insolvent, believing the credit unions are severely undercapitalized, and will appoint administrators to oversee them. The two will be allowed to continue operations under the administrators with their deposits fully protected, but will likely see many of their customers queuing up on Dec. 18 at their counters to withdraw deposits.

Insolvency steps imminent for Kansai Kogin

Insolvency steps imminent for Kansai Kogin

OSAKA, Japan - Lee Chong Im (L), president of Kansai Kogin, an Osaka-based credit company serving mostly South Korean residents of Japan, speaks at a news conference in Osaka on Dec. 15 on the Financial Reconstruction Commission's decision to begin insolvency proceedings for the bank. Seated to his right is Vice President Park Chung Hong.

Former Kansai Kogin execs arrested over dubious loans

Former Kansai Kogin execs arrested over dubious loans

OSAKA, Japan - Former Kansai Kogin Chairman Lee Hui Gon enters Osaka prefectural police for questioning Jan. 25. Police later arrested the former head of the failed local credit union, which mainly serves the South Korean community, along with six others in connection with loans that the police believe the union officials knew would not be repaid.

Korean residents seek protection for failed union customers

Korean residents seek protection for failed union customers

OSAKA, Japan - South Korean residents in Japan march to the Finance Ministry's Kinki Bureau in Osaka on Dec. 19 seeking financial protection for customers of the defunct Kansai Kogin. The credit union, whose customers are mainly resident South Koreans, was declared insolvent on Dec. 16.

FRC declares Kansai Kogin, Tokyo Shogin insolvent

FRC declares Kansai Kogin, Tokyo Shogin insolvent

TOKYO, Japan - Hakuo Yanagisawa, chief of the government's Financial Reconstruction Commission (FRC), declares at a news conference in Tokyo on Dec. 16 Kansai Kogin and Tokyo Shogin insolvent, believing the credit unions are severely undercapitalized, and will appoint administrators to oversee them. The two will be allowed to continue operations under the administrators with their deposits fully protected, but will likely see many of their customers queuing up on Dec. 18 at their counters to withdraw deposits.

Insolvency steps imminent for Kansai Kogin

Insolvency steps imminent for Kansai Kogin

OSAKA, Japan - Lee Chong Im (L), president of Kansai Kogin, an Osaka-based credit company serving mostly South Korean residents of Japan, speaks at a news conference in Osaka on Dec. 15 on the Financial Reconstruction Commission's decision to begin insolvency proceedings for the bank. Seated to his right is Vice President Park Chung Hong.