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The association's headquarters in central Tokyo has been seized by the government-backed Resolution and Collection Corporation in an attempt to collect outstanding loans of nearly 63 billion yen.
Among the most concrete steps, the package proposes to convert the state-run Resolution and Collection Corporation from a warehouse for bad loans to a clearinghouse.
On the bank loans, the package also calls for Resolution and Collection Corporation, the government agency responsible for buying bad loans, to accelerate its purchases.
Japan's largest commercial lender said it would repurchase $904.3 million in subordinate bonds from the government-backed Resolution and Collection Corporation on Feb. 28.
In a rare move, Shin Nihon, the largest local accounting firm, this week agreed to pay ¥200m ($1.7m) to the Resolution and Collection Corporation to settle a claim that it had helped Long-Term Credit Bank cook its books.
The government is also pressing banks to sell their nonperforming loans to the government-financed Resolution and Collection Corporation, which, through recent legal changes, was allowed to pay more for bad loans.
Similar(46)
The emergence of data collection corporations, however, has enabled government intelligence and police agencies to circumvent the law and gain information on private citizens with the click of a button.
It's not the kind of safe collection most corporations build".
By 2010 he had established a collection of corporations that operated under the rubric of his EBX Group.
These large donations came from a collection of corporations, wealthy individuals and political action committees.
According to a report filed with the Federal Election Commission, Restore Our Future received $4.9 million in May from a collection of corporations and wealthy individuals, although without the past roster of notable names or eyebrow-raising surprises.
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