Under Zukri's leadership, TH managed to clean up the fund's balance sheet following years of accumulated deficit which have led to illegal dividend
payments to its depositors since 2014.
The Supreme Court on Friday acquitted three former top executives of the failed Long-Term Credit Bank of Japan, who were indicted for window-dressing the bank's financial statements to conceal massive bad loans and authorizing illegal dividend
payments, overruling the lower courts' guilty verdict.
on Tuesday corrected its unconsolidated earnings for the past several years and admitted that it had paid some 28 billion yen in illegal dividend
payouts when necessary profits to justify such payouts were lacking.
UTSUNOMIYA, Japan - Ashikaga Bank, which is undergoing rehabilitation under state control, filed three lawsuits Friday seeking a combined 4.6 billion yen in damages from 13 former executives, including three former presidents, for losses stemming from alleged illegal dividend
payments and questionable loans.
The bank filed the lawsuits with the Utsunomiya District Court against some 10 former managers, including the former presidents -- Hisao Mukae, Yoshio Yanagita and Shin Iizuka -- claiming they had made illegal dividend
payouts and extended loans that were deemed irrecoverable, according to the regional bank which is based in Utsunomiya, Tochigi Prefecture.
The bank said the former executives made illegal dividend
payments of 1.1 billion yen to the holders of preferred shares by window-dressing the bank's financial statement for fiscal 2000.
The action was taken as the executives are responsible for negligence of duty and illegal dividend
payments, Kazuhiko Shimokobe said after filing the suit with the Tokyo District Court.
The illegal dividend
payments were deemed to infringe on the Commercial Code.
The RCC believes that the illegal dividend
payments could have been avoided if Ota Showa had implemented an appropriate audit, the sources said.
The lawsuit, filed by the current Sogo management, focuses on three claims: a 2.693 billion yen loss through dealings with the Sogo affiliate Cho-ompa Co., a 6.761 billion yen loss in Sogo's project to build a department store in Turkey, and a 1.796 billion yen loss through illegal dividend
said he could be forced to use the phone company to raise cash after investigators petitioned to sue Sistema for $4.75 billion of what they said were illegal dividends
received from oil company OAO Bashneft.
The means included "illegal dividends
, excessive salaries, reimbursement of lavish personal expenses and a laundry list of other gratuitous transfers to the material" the creditors charge.