Tokyo, July 9 (Jiji Press)–The number of financial creditors of Japanese credit card payment processing service firm Zentoshin, which has entered bankruptcy proceedings, stands at 63, Tokyo Shoko Research Ltd. said Thursday. The total liabilities left by Zentoshin, based in the western Japan city of Osaka, amount to 115.1 billion yen, according to the credit research company. Osaka-based Kinkisangyou Shinkumi Bank is the largest creditor of Zentoshin, with 21.9 billion yen in claims, followed by Tokyo Star Bank and Towa Bank, based in Gunma Prefecture, eastern Japan, with 8 billion yen each. Yamaguchi Bank, a subsidiary of Yamaguchi Financial Group Inc., has claims totaling 7.4 billion yen. According to Tokyo Shoko Research, Zentoshin is suspected of having window-dressed its accounts for at least 20 years by recording fictitious deposits to conceal deteriorating business performance. Some regional lenders may face the risk that their loans to Zentoshin will become uncollectible, and the Financial Services Agency is assessing the situation, industry sources said. Still, the agency currently does not expect a significant impact on the stability of financial institutions that are creditors of Zentoshin, sources familiar with the matter said. END [Copyright The Jiji Press, Ltd.]
Zentoshin Bankruptcy Involves 63 Financial Creditors
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