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Takefuji Goes Bankrupt After Consumer-Loan Crackdown
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Takefuji Corp. filed for bankruptcy protection, becoming Japan’s biggest casualty of a four-year crackdown on coercive lending to consumers.
Takefuji listed 433.6 billion yen ($5.1 billion) in liabilities in a statement to the Tokyo Stock Exchange today. Director Junichi Yoshida took over as president from Akira Kiyokawa and Executive Vice President Taketeru Takei, son of founder Yasuo Takei, also resigned following a board meeting today, the statement said.