• Kyodo News


Failed bedding supplier L&G K.K., which allegedly ran a huge Ponzi scam for which its top executives were arrested Thursday, planned to issue another quasi-currency dubbed the “wonten” in South Korea similar to its “enten” in Japan before it collapsed in 2007, sources said Friday.

L&G Chairman Kazutsugi Nami, 75, and around 20 L&G executives were arrested Thursday on suspicion of defrauding investors. The wonten plan was apparently aimed at finding a way to survive overseas after encountering cash-flow problems in Japan, the sources said.

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.