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AUM bankruptcy proceedings to wrap up next March

TOKYO, Japan - Bankruptcy administrator Saburo Abe heads to the Tokyo District Court on Oct. 10 to attend the 15th meeting of victims' representatives and other creditors in bankruptcy proceedings for AUM Shinrikyo. The bankruptcy proceedings will conclude in March 2008, 12 years after the cult was declared insolvent in 1996, and the bankruptcy administrator will seek ways to compensate victims of crimes involving AUM.

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Gov't OKs takeover of insolvent Ashikaga Bank

UTSUNOMIYA, Japan - Yoshiaki Higano, president of Ashikaga Bank, speaks to reporters at the bank's head office in Utsunomiya, Tochigi Prefecture, on Nov. 29 following a government decision to nationalize the insolvent regional bank.

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Gov't decides to nationalize insolvent Ashikaga Bank

TOKYO, Japan - Bank of Japan Governor Toshihiko Fukui is surrounded by reporters at the prime minister's office in Tokyo on Nov. 29 before attending a meeting of the Financial System Management Council there. The meeting decided to nationalize insolvent Ashikaga Bank, the regional bank in Tochigi Prefecture.

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Failed Niigata Chuo Bank closes after 59 years of operation

NIIGATA, Japan - Staff at the head office of Niigata Chuo Bank, a second-tier regional bank declared insolvent in October 1999, bow to customers in thanks May 11 as the bank closed down, bringing its 59-year history to a quiet end. The bank's operations are scheduled to be taken over May 14 by six regional banks.

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FRC declares N. Korea-linked credit union insolvent

OSAKA, Japan - An Chon Chi (R), director general of Chogin Kinki Credit Cooperative, the largest pro-Pyongyang credit union in Japan, speaks at a news conference in Osaka on Dec. 29 after his union was declared insolvent by the government's Financial Reconstruction Commission (FRC).

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N. Korea-linked credit union declared insolvent

TOKYO, Japan - Hakuo Yanagisawa, chairman of the government's Financial Reconstruction Commission, declares Chogin Kinki Shinyo Kumiai, the largest pro-Pyongyang credit union in Japan, insolvent at a news conference in Tokyo on Dec. 29.

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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.

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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.

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FRC declares Namihaya Bank insolvent

OSAKA, Japan - The Financial Reconstruction Commission (FRC) declared Namihaya Bank insolvent on Aug. 7, making it the sixth Japanese bank to be declared bankrupt under financial reconstruction legislation aimed at fixing the bad loan-saddled banking system. The photo shows the headquarters building in Osaka of the second-tier regional bank.

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AUM bankruptcy proceedings to wrap up next March

TOKYO, Japan - Bankruptcy administrator Saburo Abe heads to the Tokyo District Court on Oct. 10 to attend the 15th meeting of victims' representatives and other creditors in bankruptcy proceedings for AUM Shinrikyo. The bankruptcy proceedings will conclude in March 2008, 12 years after the cult was declared insolvent in 1996, and the bankruptcy administrator will seek ways to compensate victims of crimes involving AUM. (Kyodo)

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Gov't OKs takeover of insolvent Ashikaga Bank

UTSUNOMIYA, Japan - Yoshiaki Higano, president of Ashikaga Bank, speaks to reporters at the bank's head office in Utsunomiya, Tochigi Prefecture, on Nov. 29 following a government decision to nationalize the insolvent regional bank. (Kyodo)

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Gov't decides to nationalize insolvent Ashikaga Bank

TOKYO, Japan - Bank of Japan Governor Toshihiko Fukui is surrounded by reporters at the prime minister's office in Tokyo on Nov. 29 before attending a meeting of the Financial System Management Council there. The meeting decided to nationalize insolvent Ashikaga Bank, the regional bank in Tochigi Prefecture. (Kyodo)

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Failed Niigata Chuo Bank closes after 59 years of operation

NIIGATA, Japan - Staff at the head office of Niigata Chuo Bank, a second-tier regional bank declared insolvent in October 1999, bow to customers in thanks May 11 as the bank closed down, bringing its 59-year history to a quiet end. The bank's operations are scheduled to be taken over May 14 by six regional banks.

E

FRC declares N. Korea-linked credit union insolvent

OSAKA, Japan - An Chon Chi (R), director general of Chogin Kinki Credit Cooperative, the largest pro-Pyongyang credit union in Japan, speaks at a news conference in Osaka on Dec. 29 after his union was declared insolvent by the government's Financial Reconstruction Commission (FRC).

E

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.

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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.

E

FRC declares Namihaya Bank insolvent

OSAKA, Japan - The Financial Reconstruction Commission (FRC) declared Namihaya Bank insolvent on Aug. 7, making it the sixth Japanese bank to be declared bankrupt under financial reconstruction legislation aimed at fixing the bad loan-saddled banking system. The photo shows the headquarters building in Osaka of the second-tier regional bank.