Suruga Bank Confirms 7,813 Cases of Fraudulent Loans

Economy

Numazu, Shizuoka Pref., May 15 (Jiji Press)--Japanese regional lender Suruga Bank <8358> said Wednesday that its full-scale investigation has confirmed 7,813 cases of fraudulent loans extended for real estate investment, including those involving falsifications of loan application screening documents.

The total amount of outstanding related loan receivables stands at 553.7 billion yen, according to Suruga Bank, based in Numazu in Shizuoka Prefecture, central Japan.

The bank has decided to punish two additional employees over the high-profile real estate investment loan scandal, bringing the number of its workers subject to punitive measures over the fraudulent loans to 75.

Suruga Bank President Michio Arikuni announced the investigation results and the additional punishments at a press conference in Numazu.

In the business year ended in March, Suruga Bank logged a group net loss of 97,146 million yen, against the previous year's profit of 6,988 million yen, for its first net loss in 17 years on a full-year basis.

[Copyright The Jiji Press, Ltd.]

Jiji Press