Sankar.
And more from Japan:
"TOKYO, Nov. 22 (Kyodo) - Yamaichi Securities Co., one of Japan's ''Big Four'' brokerages and now mired in a financial crisis, has given up a plan to rehabilitate itself and decided to file for a voluntary shutdown, industry sources said Saturday.
The downfall of Tokyo-based Yamaichi would leave behind an estimated 3 trillion yen in unresolved debts, making it the largest corporate insolvency in the nation's history, the sources said.
After the news jolted Japan's financial sector early morning, Yamaichi has continuously convened an extraordinary board meeting and decided to formalize by next Monday a plan to end its 100 years of operations, the sources said.
Yamaichi has been overshadowed by a short-term liquidity crunch and a weakening capital base.
Speaking at an emergency news conference, Atsushi Nagano, director general of the Finance Ministry's Securities Bureau, said Yamaichi is projected to have more than 200 billion yen in unlisted hidden debts.
But he said the situation is ''not a serious one'' where Yamaichi's clients or business partners would incur losses, because the brokerage has no capital deficit, with about 430 billion yen in its capital account. "
Is part of the 430 Billion can be a US Treasury/Stocks ?
TIA
Amots |
