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
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
According to the bankruptcy administrators, LTCB
sent employees to EIE International between December 1990 and July 1993 to put the company under its control.
, burdened with huge problem loans and faced with a sharp fall in its stock price, is seeking to merge with Sumitomo Trust in order to survive.
They quoted Kan as saying, "The DPJ, however, does not intend to use the LTCB
issue to defeat the government.
RCC said the executives caused about 260 billion yen in losses to LTCB
by making loans they knew could not be collected in order to cover losses on bad loans of three LTCB
-affiliated financial entities.
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.
will be removed from the FT/S&P Actuaries World Index at its lowest unit of currency, 1 yen, under the Ground Rule 4.
The RCC, which took over the loans from LTCB
, the predecessor of Shinsei Bank, sued Onobi and eight other former LTCB
executives, demanding they pay 4.