later renamed itself Shinsei Bank and relisted its stock on the Tokyo Stock Exchange in 2004.
, once one of Japan's three long-term credit banks, collapsed and was put under state control in October 1998.
The FRC will realize latent profits on the shares as reduction of risk to be assumed by Ripplewood is necessary for a smooth sale of LTCB
Furthermore, it could be a challenge for WDRJ to keep the clients who had existing relationships with LTCB
The new Board of Directors of LTCB
convened yesterday to approve the bank's business plan and organization.
Shinsei said the latest legal action is based on an agreement signed in February 2000 by LTCB
, DIC and New LTCB
The actual implementation of the purchase is still subject to the application by LTCB
and an approval of the Financial Resuscitation Committee, following passage of the related bill in the Diet (parliament).
According to the bankruptcy administrators, LTCB
sent employees to EIE International between December 1990 and July 1993 to put the company under its control.
Established in the Cayman Islands in May 1998, LTCB
Warburg operates in Japan as a joint venture owned 50% by UBS, 40% by LTCB
, and 10% by a third party.
They quoted Kan as saying, "The DPJ, however, does not intend to use the LTCB
issue to defeat the government.
Many bank debentures continue not to be renewed as they mature, with LTCB
compensating by reducing its loans, bond portfolio, and liquid assets.
Also Monday, Prime Minister Ryutaro Hashimoto instructed Taku Yamasaki, chairman of the LDP's Policy Research Council, to find ways to help LTCB
regain market trust, officials said.