Yoji Yamada, president of Nippon Shinpan Co., said Thursday he will resign next month to take the blame for the "sokaiya" racketeer payoff scandal rocking the major loan company but will remain involved in the firm's management plans.
"As head of Nippon Shinpan, I feel I bear unlimited responsibility for the scandal," Yamada told a news conference at the Tokyo Stock Exchange.
Yamada, 54, said the company's new leadership, including his replacement, will be decided in the first or second week of December. He said he will formally resign when they take over.