Yamaichi Securities 'planning to close down' leaving 15bn pounds sterling liabilities

Article Abstract:

Yamaichi Securities, the fourth-largest securities concern in Japan, may be forced to shut down its operations following heavy withdrawals of assets by clients. This would create liabilities of more than 3 trillion yen. Moody's Investors Service has responded by downgrading the company's debt to junk, making it harder and more expensive for it to borrow. Yamaichi has seen very mixed financial performance over recent years, and has also been badly affected by allegations of payments to a gangster.

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Stock markets shaken as Yamaichi closure leads to collapse in confidence

Article Abstract:

The voluntary closure of Japanese securities brokerage Yamaichi Securities has generally had a negative impact on financial markets. There is particular concern on western stock markets about the possible impact of the collapse of Yamaichi on earnings forecasts for companies which are heavily exposed to Asia. The Japanese government has been keen to emphasize that Yamaichi's customers will be protected and that other financial institutions facing credit problems will be supported.

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Japan acts to stem financial crisis with Yamaichi bail-out

Article Abstract:

The Bank of Japan is set to make available unsecured loans of several billion dollars to protect customers of Yamaichi Securities, one of the country's leading four brokerages. This concern is expected to collapse with debts of around $23.8 billion, the largest business failure in Japan since the second world war. It is claimed that it concealed more than Y200 billion in off-the-book debts, using four or five dummy firms in the Cayman Islands.

Finance

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