SBI to shut down social lending unit after illegal cases found

Economy Society

Japanese financial firm SBI Holdings Inc. said Monday it has decided to end the practice of soliciting funds from investors after its lending unit was found to have engaged in illegal activities connected to some loans. The Tokyo-based SBI Social Lending Co. provided funds to companies after soliciting investments through its social lending program, a practice also known as peer-to-peer lending. A third-party panel established by the parent firm concluded last month, however, the subsidiary used false or misleading information in seeking funds for 39 loan contracts taken out by companies. SBI'...

Kyodo News

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