Ibaraki Shogin goes belly up

Ibaraki Shogin goes belly up

MITO, Japan - Hong Duk Yong (L), president of Ibaraki Shogin, one of dozens of ''shogin'' credit unions serving Korean residents in Japan, speaks at a news conference Feb. 16 after applying to the Financial Services Agency for protection of its deposits under Japan's financial-system revival law, giving up attempts to rehabilitate itself on its own.

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.

Ibaraki Shogin goes belly up

Ibaraki Shogin goes belly up

MITO, Japan - Hong Duk Yong (L), president of Ibaraki Shogin, one of dozens of ''shogin'' credit unions serving Korean residents in Japan, speaks at a news conference Feb. 16 after applying to the Financial Services Agency for protection of its deposits under Japan's financial-system revival law, giving up attempts to rehabilitate itself on its own.

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.