LTCB Executives Covered Up Trillions of Yen in Bad Loans, Mainichi Says
Tokyo, April 20 (Bloomberg) -- Former executives at Long-
Term Credit Bank of Japan Ltd., which was taken over by the
government late last year, allegedly conspired to hide trillions
of yen in bad loans to make the bank's finances look healthier
than they were, the Mainichi Daily News reported, citing unnamed
bank sources. The bank's report to the Financial Supervisory
Agency in July 1998 listed 4.4 trillion yen ($37.2 billion) in
bad loans, or two-thirds of the actual total. As a result,
investigators may pursue criminal charges against the executives,
including former LTCB President Katsunobu Onogi, the report said.
LTCB, one of three long-term lenders that helped finance the
rebuilding of Japan following World War II, is under temporary
state control as the government seeks a buyer.
(Mainichi Daily News, 4/20, P.1)
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