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The Tsu District Court ordered the former president of a defunct credit union in Mie Prefecture to pay 66 million yen in damages to the Resolution and Collection Corp., which had filed a lawsuit over the credit union’s illegal lending.

The court ruled that Tatsuo Ichikawa, 67, former president of the Mie Prefectural Credit Union, must pay the amount demanded by the RCC, a special unit set up by the government to deal with bad loans by failed financial institutions, saying he had neglected his duty as president of the credit union.

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