Japanese Financial Company Crashes! Involving Dozens of Banks, Over 10 Billion Yen
According to a report by Japan's Sankei News on July 10: The credit card financial company "Zensei Shin" has received bankruptcy approval from the Osaka District Court. There are a total of 63 financial creditors, with a loan amount totaling 11.3 billion yen (approximately 4.7 billion RMB). The total debt involves 115 creditors, with the largest share held by a local credit union amounting to 21.9 billion yen. Additionally, there are regional banks and leasing companies involved.
This bankruptcy case has become the largest in terms of amount this year. The company grew by leveraging a system that allowed prepayment via credit cards to restaurants and other merchants. However, due to poor performance in the restaurant industry—resulting in widespread closures and shortened operating hours—the financial health of the sector deteriorated significantly.
In 2024, a scandal emerged when stores that had not passed screening were signed up under someone else’s name. These violations led to loss of credibility, compounded by severe financial difficulties, delivering a fatal blow.
Original source: toutiao.com/article/1870283831841801/
Disclaimer: This article represents the personal views of the author