The Financial Reconstruction Commission on Saturday declared Kansai Kogin and Tokyo Shogin insolvent, believing the credit unions are severely undercapitalized, and will appoint administrators to oversee them, FRC officials said.
The administrators are expected to examine the assets of the two credit unions, which mainly serve South Korean residents in Japan, and to ask other financial institutions to take them over. They will also investigate the responsibility of management in the firms’ failure.
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