OSAKA -- The former president of photocopier maker Mita Industrial Co., which filed for application of the Corporate Rehabilitation Law earlier this month, told creditors that he would be willing to sell his personal assets as part of compensation efforts.
Yoshihiro Mita faced some 1,500 creditors who gathered in Osaka and in Tokyo on Friday and admitted the firm had dressed its financial records for years in an effort to secure loans from financial institutions.
Some creditors expressed concern over whether the falsified financial statements would affect rehabilitation proceedings. But Makoto Miyazaki, a lawyer and the firm's court-appointed administrator, said the courts accepted Mita's application after being informed of the falsification.
The legal counsel added that he would seek payment of damages by the former president. The company's liabilities were put at over 210 billion yen, making it the largest de facto bankruptcy of a manufacturer in postwar history.