Takefuji committee named to investigate management responsibility

By Caroline Salls

Pittsburgh, Dec. 17 - Takefuji Corp. said an investigation committee on management responsibilities has been established to conduct an investigation regarding any responsibility of the company's past business management, according to a news release.

The company said the committee will submit a report to Takefuji's examiner around April.

The five-member committee includes chairman Gou Kajitani, vice chairman Kunitarou Saida and members Masaaki Oka, Mitsutoshi Matsushita and Kazuya Suga.

In addition, four assistant members were named, including Shin Ueda, You Kajitani, Kouichirou Hoshino and Tomoo Onishi.

As previously reported, an examiner was appointed for Takefuji's corporate reorganization case in November.

The examiner will investigate:

• The appropriateness of Takefuji's proposed reorganization plan;

• The appropriateness of a report submitted by the company's trustee;

• The appropriateness of the balance sheet and inventory of assets prepared by the trustee;

• The appropriateness of the statement of approval and disapproval regarding the reorganization claims submitted by the trustee;

• The appropriateness of the trustee's report regarding the status of the administration of the reorganizing company's business and assets; and

• Whether there are circumstances that require a court order to examine the liability of officers.

The examiner's report on the reorganization plan is due on July 22, 2011.

Takefuji is a Tokyo-based consumer finance company.

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