The collapse of Tokyo Sowa Bank was caused in part by the autocratic management of former chairman Shoichi Osada, the bank’s administrators concluded in their report to financial authorities Friday.

The administrators, appointed by the Financial Reconstruction Commission following the second-tier regional bank’s failure in June, said at a news conference that the bank’s decision-making had been paralyzed by Osada, who presided as president and chairman for 30 years.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.