November 24, 1997 (, Landmarks October 25), the collapse of Yamaichi Securities, Japan. , securities companies


1997 11 24 morning 6,
Yamaichi, one of the four securities companies operating desperate Japan "Yamaichi Securities" and held a provisional board of directors formally decided to "self- waste industry and the Japanese Ministry of Finance in the morning to the application of the closure. A securities venture centenary this year falls on the mountain, the century-old shop has been held the feast of the birth centenary, bell sounded the closed shop. According
Yamaichi president Nozawa Zhengping, Yamaichi current liabilities amounted to 3.3 trillion yen, has announced that it would no longer support Bank, Fuji Bank Loan Relief. Make a decision to the Government for "self-waste industry in desperate circumstances, Yamaichi Securities, the so-called" self-waste industry, the operating state of deterioration, securities companies can not continue business initiative to apply for the return of the business license , announced that in fact the collapse. Ministry of Finance in the receipt of the application of the securities company, an immediate check, to be recognized under the premise of confirmed customer assets from loss, square.
However, if significant violations were found in the inspection process, you can not accept the waste industry, but to make a disposition of the revocation of a permit securities companies. Yamaichi is not simply heavily in debt, it does an offense had been committed, it deliberately concealed part of the debt, there
from the fact that the Japanese newspaper published the books can not see the book outside debt & rdquo ;. This part of the debt amounting to about 260 billion yen, according to Japan's Ministry of Finance Securities Bureau, the exact amount to be subject to further investigation. Conceal debt this practice is a clear violation of the Securities Exchange Act, the focus of the current public opinion are aimed at this problem. According to the Yomiuri Shimbun reported, Yamaichi Securities book outside debt problems had already appeared as early as 1992. Secretary for the Ministry of Finance securities of Nagano Pangshi also admitted already heard.
Japan's Ministry of Finance and the Bank of Japan (BOJ) has a system of inspection and supervision of securities companies, to prevent violations of the securities company. In November 1995, the Ministry of Finance had Yamaichi Securities inspection in September 1997, the Bank of Japan is also the implementation of the verification, but violations of Yamaichi Securities "escaped the attention of the Financial Supervisory institutions, The Japanese financial checks useless evident this, "the Asahi Shimbun in an editorial: Ministry of Finance heavy responsibility.
Yamaichi Securities was the one of the four major securities company in Japan. It is reported that investors in the company's assets up to 24 trillion yen. In order to avoid the impact its closure to the Japanese and global financial securities industry, the Japanese Ministry of Finance repeatedly emphasized; Yamaichi has not been a situation of insolvency, can ensure that assets are not subject to loss, however, because of Yamaichi Securities in the United States, the United Kingdom Netherlands and other countries with 28 financial subsidiary of Sun Company, a high-profile, large volume of transactions, in order to avoid due to the bankruptcy of Yamaichi Securities led countries to raise interest rates on the financing of the Japanese financial institutions, as well as to avoid the collapse of Yamaichi Securities to maximize shock and confusion caused by national securities market, held on the morning of the 24th, the Bank of Japan the Temporary Policy Committee, a formal decision "unsecured unlimited special financing Yamaichi Securities. the
1997 years, the securities industry in Japan has been the closure of three medium-sized securities companies Ogawa Securities, the Echigo securities, Sanyo Securities, the impact of the collapse of Yamaichi Securities Company to the Japanese financial sector is clearly more than any previous collapse of company, because it is one of the largest post-war Japan, one case of closed enterprises. Judging from the current situation, the customer's assets to repay may not be a problem, but the fate of of Yamaichi 7500 staff has become a big problem that can not be ignored. On the afternoon of the 24th, of Yamaichi president Nozawa Zhengping has passed satellite apologized to the staff and family members of all the branches of Japan. The Japanese writer
used for bank staff cross Tianhong Fu said, in recent years, enterprises closed down one by one, the biggest reason is that enterprises lack a sense of crisis. As a customer, the most important is to hurry their own assets from financial institutions unreliable, "go for the best". Yokota would be well advised to rely on the salaried class, must have a sense of crisis, from now on to cultivate the ability to leave the company can still gain a foothold.