Asia Bizz: Takefuji Corp. Japan Has Filed For Bankruptcy Protection
Takefuji Corp. of Japan has filed for bankruptcy protection after it provided refunds to its lenders. This was the biggest casualty that Japan has faced, as it was trying to coercive lending to consumers. The Japanese company listed a massive 433.6 billion yen in liabilities at the Tokyo Stock Exchange. As a result of this, prominent members of the board have resigned from their post leaving the company in awe.
Takefuji, which was founded in the year 1966, has decided to restructure itself, but the company does not have enough cash or finance to its consumers, from whom the company had borrowed a massive 4.4 trillion yen.
According to the Japanese analysts, the debtors are not only demanding money from the company, but also from all its lenders. The Takefuji incident has come into limelight only three months after the law which came into affect where the lenders charged interests rates higher than 20% or almost exceed 1/3rd of the borrowers income.
