Japan gov't orders unit of financial firm SBI to halt operations

Politics Economy

Japan's financial watchdog said Tuesday it has ordered the financing brokerage unit of Japanese online financial firm SBI Holdings Inc. to suspend operations for a month over illegal soliciting of funds from investors. The Financial Services Agency issued the business suspension order through July 7 against SBI Social Lending Co. after confirming that the unit had solicited funds from investors with false or misleading information in connection with several lending cases, as a third-party panel of the parent company found in late April. The social lending unit solicits funds from investors and...

Kyodo News

Kyodo News