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Guilty verdict scrapped, 3 ex-bankers found not guilty

TOKYO, Japan - Katsunobu Onogi, 72, a former president of the failed Long-Term Credit Bank of Japan, now Shinsei Bank, is surrounded by reporters outside the Supreme Court in Tokyo on July 18 after the top court overturned a lower court ruling and acquitted him and two former LTCB vice presidents indicted for window-dressing the bank's financial statements to conceal massive bad loans and authorizing illegal dividend payments.

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LTCB renames itself Shinsei Bank

TOKYO, Japan - Officials unveil a sign for newly renamed Shinsei Bank at its head office in Tokyo's Chiyoda Ward shortly before the 9 a.m. start of business June 5. The Long-Term Credit Bank of Japan (LTCB) relaunched itself as Shinsei Bank some 19 months after it collapsed and was placed under state control.

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Ripplewood-led group picked as possible LTCB buyer

TOKYO, Japan - The Financial Reconstruction Commission, in a meeting in Tokyo on Sept. 28, decides to open priority negotiations with an investor group led by U.S. investment house Ripplewood Holdings LLC on sale of the nationalized Long-Term Credit Bank of Japan (LTCB). Second from L is commission chairman Hakuo Yanagisawa.

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Reps of New LTCB Partners meet press

TOKYO, Japan - New LTCB Partners CV representatives Masamoto Yashiro (L) and Timothy Collins (R) shake hands before holding a press conference at a Tokyo hotel on Sept. 28 as the Japanese government announced the same day that New LTCB Partners, an investor group led by U.S. investment house Ripplewood Holdings LLC, is the most preferred candidate to acquire all the operations of the nationalized Long-Term Credit Bank of Japan (LTCB).

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LTCB head office raided for alleged window dressing

Law enforcement authorities walk to the head office of the failed Long-Term Credit Bank of Japan (LTCB) in Tokyo on June 10 to search for evidence of suspected concealment of bad loans and illegal payment of dividends by the bank's former management.

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LTCB files complaint against former execs

Takashi Anzai, president of the failed Long-Term Credit Bank of Japan (LTCB), speaks at a news conference in Tokyo on June 4 after filing a criminal complaint against former executives, accusing them of window dressing the bank's balance sheets.

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LTCB put under state control

Takashi Anzai, new president of the Long-Term Credit Bank of Japan (LTCB), speaks at a news conference in Tokyo on Wednesday Nov. 4. The ailing LTCB began operating as a nationalized bank under new management in a first step toward disposing of its bad loans under banking legislation enacted last month.

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LTCB executives apologizes

Tsuneo Suzuki (C), president of the Long-Term Credit Bank of Japan (LTCB), flanked by other bank executives, offers an apology to shareholders and clients in Tokyo on Oct. 23 for any inconveniences the bank's decision to come under state control has brought. The LTCB, one of three Japanese long-term credit banks, is the first bank to be nationalized under a law enacted earlier this month to avoid the possibility of its severing credit lines to its corporate borrowers and defaulting on its obligations to creditors.

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Upper house approves bank bills

The House of Councillors on Oct. 12 passes into law a set of banking reform bills designed to fix the nation's ailing banking sector, with 198 out of 237 voting for the bills. The passage of the bills paved the way for the government to put the troubled Long-Term Credit Bank of Japan (LTCB) temporarily under state control with share purchases. Finance Minister Kiichi Miyazawa is seated front right.

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LTCB nonbank affiliate Japan Leasing goes under

Hiroaki Okamoto (C), president of Japan Leasing Corp., one of three nonbank affiliates of the ailing Long-Term Credit Bank of Japan (LTCB), bows his head low Sept. 28 at the end of a press meeting. He said Japan Leasing went bankrupt as it filed for court protection from its creditors under the Corporate Rehabilitation Law.

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Obuchi says Tokyo will prevent LTCB collapse

Japanese Prime Minister Keizo Obuchi says Sept. 20 he will tell U.S. President Bill Clinton that his government will strive to keep the Long-Term Credit Bank of Japan (LTCB) from collapsing and affecting the global financial market. Obuchi made the comments on his way to New York, where he will meet Clinton on Tuesday.

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LTCB's ex-managers to return retirement payments

Katsunobu Onogi, president of the ailing Long-Term Credit Bank of Japan (LTCB), says Sept. 10 several of the bank's former top managers will return their retirement allowances because of their mismanagement. The president made the comment during a hearing at a House of Councillors special panel on financial and economic revitalization. The hearing took place to clarify the bank's financial situation and how it came to be on the verge of collapse.

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LTCB president answers questions in lower house

Katsunobu Ohnogi (L), president of troubled Long-Term Credit Bank of Japan (LTCB), gives unsworn testimony at a committee meeting on financial stabilization in the House of Representatives on Aug. 31. The panel discussed a government plan to inject public funds into LTCB to strengthen its capital base and facilitate its merger talks with Sumitomo Trust and Banking Co. Three other unsworn witnesses from other companies at the back of Ohnogi were also questioned.

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LTCB-Sumitomo Trust merger planning

Katsunobu Onogi (R-center), president of the Long-Term Credit Bank of Japan, meets the press at the Bank of Japan in Tokyo on June 26 after an announcement that his bank has agreed to start talks on a merger with Sumitomo Trust and Banking. The LTCB has long been plagued with massive nonperforming loans.

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Jail terms sought for ex-LTCB execs for dubious dealings

TOKYO, Japan - Katsunobu Onogi, a former president of the failed Long-Term Credit Bank of Japan (LTCB), enters the Tokyo District Court on Dec. 19. Prosecutors demanded a three-year prison term for Onogi for falsifying the bank's financial statements for the 1997 business year to conceal 313 billion yen in bad loans. Two years in prison were sought for former LTCB vice presidents.

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Ex-LTCB execs get suspended terms over concealing bad loans

TOKYO, Japan - Katsunobu Onogi (R), former president of the failed Long-Term Credit Bank of Japan (LTCB) enters the Tokyo District Court building on Sept. 10 to hear a court ruling on him being charged with falsifying financial statements to conceal massive bad loans. Onogi was sentenced to three years in prison, suspended for four years. The other two former top executives were also sentenced to suspended prison terms. (Kyodo)

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LTCB nonbank affiliate Japan Leasing goes under

Hiroaki Okamoto (C), president of Japan Leasing Corp., one of three nonbank affiliates of the ailing Long-Term Credit Bank of Japan (LTCB), bows his head low Sept. 28 at the end of a press meeting. He said Japan Leasing went bankrupt as it filed for court protection from its creditors under the Corporate Rehabilitation Law. ==Kyodo

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Guilty verdict scrapped, 3 ex-bankers found not guilty

TOKYO, Japan - Katsunobu Onogi, 72, a former president of the failed Long-Term Credit Bank of Japan, now Shinsei Bank, is surrounded by reporters outside the Supreme Court in Tokyo on July 18 after the top court overturned a lower court ruling and acquitted him and two former LTCB vice presidents indicted for window-dressing the bank's financial statements to conceal massive bad loans and authorizing illegal dividend payments. (Kyodo)

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High court upholds guilty verdict on ex-bankers over bad loans

TOKYO, Japan - The Tokyo High Court upheld on June 21 a guilty verdict by a lower court on three former top executives of the failed Long-Term Credit Bank of Japan for falsifying financial statements to conceal massive bad loans and authorizing illegal dividend payments. Photo shows (from R to L) former LTCB President Katsunobu Onogi, former vice presidents Yoshiharu Suzuki and Masami Suda entering the court. (Kyodo)

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Onogi, ex-president of now-defunct LTCB, dies at 80

Photo taken in July 2008 shows Katsunobu Onogi, who headed the failed Long-Term Credit Bank of Japan, the predecessor of Shinsei Bank. It has been reported that Onogi died on May 10, 2017, at age 80. (Kyodo) ==Kyodo

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LTCB renames itself Shinsei Bank

TOKYO, Japan - Officials unveil a sign for newly renamed Shinsei Bank at its head office in Tokyo's Chiyoda Ward shortly before the 9 a.m. start of business June 5. The Long-Term Credit Bank of Japan (LTCB) relaunched itself as Shinsei Bank some 19 months after it collapsed and was placed under state control.

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New LTCB chief vows to revive int'l operations

TOKYO, Japan - Masamoto Yashiro, new president of the Long-Term Credit Bank of Japan (LTCB), meets reporters in Tokyo on March 3. He pledged the bank will be back in the international financial business in two to three years. The LTCB was sold March 1 by the government for 1 billion yen to New LTCB Partners CV, an Amsterdam-based international financial consortium led by Ripplewood Holdings LLC of the United States.

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LTCB seeks taxpayers' money for capital base

TOKYO, Japan - Masamoto Yashiro, president of the Long-Term Credit Bank of Japan (LTCB), arrives at the office of the government's Financial Reconstruction Commission (FRC) on March 3 to file a formal request for an injection of taxpayers' money to strengthen the bank's capital bases. LTCB, which New LTCB Partners CV. (NLP), a group of financial companies led by U.S. fund Ripplewood Holdings LLC, has just bought from the government, is seeking 240 billion yen in public funds.

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LTCB board members hold first meeting

TOKYO, Japan - The 14 board members of the newly privatized Long-Term Credit Bank of Japan (LTCB) hold their first meeting in Tokyo on March 2. The bank was bought March 1 by New LTCB Partners CV. (NLP), an Amsterdam-based international consortium led by U.S. fund Ripplewood Holdings LLC, as the first major Japanese commercial bank to come under foreign ownership.

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New LTCB to open as FRC approves agreement

TOKYO, Japan - The Financial Reconstruction Commission on Feb. 9 approved the final agreement on the sale of the nationalized Long-Term Credit Bank of Japan (LTCB) to an international consortium led by U.S. fund Ripplewood Holdings LLC. The new LTCB begins operations March 2. Among the signatories to the agreement were Masamoto Yashiro (third from R), as representative of New LTCB Partners, LTCB President Takashi Anzai (second from L), Noboru Matsuda (third from L), governor of Deposit Insurance Corp. (DIC), which owns LTCB's 2.4 billion common shares, Ripplewood founder Timothy Collins (second from R), and Christopher Flowers (R), former head of the Goldman Sachs Financial Institutions Group. At left is Keiji Matsuda, deputy governor of DIC.

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Ripplewood-led group picked as possible LTCB buyer

TOKYO, Japan - The Financial Reconstruction Commission, in a meeting in Tokyo on Sept. 28, decides to open priority negotiations with an investor group led by U.S. investment house Ripplewood Holdings LLC on sale of the nationalized Long-Term Credit Bank of Japan (LTCB). Second from L is commission chairman Hakuo Yanagisawa.

E

Reps of New LTCB Partners meet press

TOKYO, Japan - New LTCB Partners CV representatives Masamoto Yashiro (L) and Timothy Collins (R) shake hands before holding a press conference at a Tokyo hotel on Sept. 28 as the Japanese government announced the same day that New LTCB Partners, an investor group led by U.S. investment house Ripplewood Holdings LLC, is the most preferred candidate to acquire all the operations of the nationalized Long-Term Credit Bank of Japan (LTCB).

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Former LTCB chief Onogi released on bail

TOKYO, Japan - Katsunobu Onogi, 63, former president of failed Long-Term Credit Bank of Japan (LTCB), is released from the Tokyo detention house July 6 after the Tokyo District Court set bail of 20 million yen. Onogi, along with two other former bank executives, was indicted June 30 on charges of falsifying the bank's loan records and illegally paying dividends.

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Former LTCB chief Onogi released on bail

TOKYO, Japan - Katsunobu Onogi, 63, former president of failed Long-Term Credit Bank of Japan (LTCB), is released from the Tokyo detention house July 6 after the Tokyo District Court set bail of 20 million yen. Onogi, along with two other former bank executives, was indicted June 30 on charges of falsifying the bank's loan records and illegally paying dividends.

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3 former LTCB execs indicted

File photos show (from L to R) Katsunobu Onogi, former president of the failed Long-Term Credit Bank of Japan (LTCB), and Masami Suda, former vice president of the bank, two of the three retired executives who were indicted June 30 on charges of illegally paying dividends to shareholders and falsifying the bank's financial statements. Also indicted along with them was former Vice President Yoshiharu Suzuki.

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3 former LTCB execs indicted

File photos show (from L to R) Katsunobu Onogi, former president of the failed Long-Term Credit Bank of Japan (LTCB), and Masami Suda, former vice president of the bank, two of the three retired executives who were indicted June 30 on charges of illegally paying dividends to shareholders and falsifying the bank's financial statements. Also indicted along with them was former Vice President Yoshiharu Suzuki.

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LTCB head office raided for alleged window dressing

Law enforcement authorities walk to the head office of the failed Long-Term Credit Bank of Japan (LTCB) in Tokyo on June 10 to search for evidence of suspected concealment of bad loans and illegal payment of dividends by the bank's former management.

E

LTCB files complaint against former execs

Takashi Anzai, president of the failed Long-Term Credit Bank of Japan (LTCB), speaks at a news conference in Tokyo on June 4 after filing a criminal complaint against former executives, accusing them of window dressing the bank's balance sheets.

E

LTCB put under state control

Takashi Anzai, new president of the Long-Term Credit Bank of Japan (LTCB), speaks at a news conference in Tokyo on Wednesday Nov. 4. The ailing LTCB began operating as a nationalized bank under new management in a first step toward disposing of its bad loans under banking legislation enacted last month. ==Kyodo

E

LTCB executives apologizes

Tsuneo Suzuki (C), president of the Long-Term Credit Bank of Japan (LTCB), flanked by other bank executives, offers an apology to shareholders and clients in Tokyo on Oct. 23 for any inconveniences the bank's decision to come under state control has brought. The LTCB, one of three Japanese long-term credit banks, is the first bank to be nationalized under a law enacted earlier this month to avoid the possibility of its severing credit lines to its corporate borrowers and defaulting on its obligations to creditors.

E

Upper house approves bank bills

The House of Councillors on Oct. 12 passes into law a set of banking reform bills designed to fix the nation's ailing banking sector, with 198 out of 237 voting for the bills. The passage of the bills paved the way for the government to put the troubled Long-Term Credit Bank of Japan (LTCB) temporarily under state control with share purchases. Finance Minister Kiichi Miyazawa is seated front right. ==Kyodo

E

Obuchi says Tokyo will prevent LTCB collapse

Japanese Prime Minister Keizo Obuchi says Sept. 20 he will tell U.S. President Bill Clinton that his government will strive to keep the Long-Term Credit Bank of Japan (LTCB) from collapsing and affecting the global financial market. Obuchi made the comments on his way to New York, where he will meet Clinton on Tuesday.

E

LTCB's ex-managers to return retirement payments

Katsunobu Onogi, president of the ailing Long-Term Credit Bank of Japan (LTCB), says Sept. 10 several of the bank's former top managers will return their retirement allowances because of their mismanagement. The president made the comment during a hearing at a House of Councillors special panel on financial and economic revitalization. The hearing took place to clarify the bank's financial situation and how it came to be on the verge of collapse.

E

LTCB president answers questions in lower house

Katsunobu Ohnogi (L), president of troubled Long-Term Credit Bank of Japan (LTCB), gives unsworn testimony at a committee meeting on financial stabilization in the House of Representatives on Aug. 31. The panel discussed a government plan to inject public funds into LTCB to strengthen its capital base and facilitate its merger talks with Sumitomo Trust and Banking Co. Three other unsworn witnesses from other companies at the back of Ohnogi were also questioned.

E

LTCB-Sumitomo Trust merger plann

Katsunobu Onogi (R-center), president of the Long-Term Credit Bank of Japan, meets the press at the Bank of Japan in Tokyo on June 26 after an announcement that his bank has agreed to start talks on a merger with Sumitomo Trust and Banking. The LTCB has long been plagued with massive nonperforming loans.