OSAKA — The Osaka Securities Exchange will speed up its disposal of eight affiliated companies that were allegedly established without proper authorization or involved in dubious cash flows, OSE officials said Tuesday.
The Osaka bourse, which recently launched the Nasdaq Japan market, plans to swiftly liquidate six of the eight and sell one in a bid to secure transparency, the officials said.
The heads of the firms will be told as early as next week to step up liquidation procedures, and OSE President Goro Tatsumi has said the exchange should aim to finish most of the work by early next year, according to the officials.
However, the liquidation of one firm that lends OSE funds to other affiliates will likely take time because the details of its cash flows are unclear, the officials said.
The eight, excluding ones that have already been dissolved, were alleged to have been set up without the approval of the OSE board, the officials said.