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LTCB Ex-President Onogi, Acquitted of Window-Dressing, Dies

LTCB Ex-President Onogi, Acquitted of Window-Dressing, Dies

   Tokyo, May 24 (Jiji Press)--Katsunobu Onogi, who served as president of Long-Term Credit Bank of Japan just before its business failure in 1998, passed away on May 10, it was learned Wednesday. He was 80.
   Onogi was charged with window-dressing the bank's account in the year to March 1998 soon before its collapse, but was acquitted in 2008.
   He joined LTCB, the predecessor of Shinsei Bank <8303>, in 1959. As president from April 1995 to September 1998, he led LTCB's efforts to tide over a management crisis caused by massive irrecoverable loans left over from the bubble economy period.
   LTCB went bankrupt and was placed under temporary state control in October 1998.
   In 1999, the Tokyo District Public Prosecutors Office arrested Onogi and two other former LTCB executives on charges of covering up nonperforming loans, based on a criminal complaint filed under the financial reconstruction law. The three were indicted on the charge and also on suspicion of illegal dividend payments.

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AFP-JIJI PRESS NEWS JOURNAL


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