Financial authorities are not considering, at present, reviewing a controversial bailout plan for Sogo Co., the Financial Reconstruction Commission chairman said Tuesday.
"At this moment, we have not received any instruction from the prime minister," Kimitaka Kuze told a news conference.
Under the scheme, endorsed by the FRC on June 30, the government-affiliated Deposit Insurance Corp. will purchase 200 billion yen in loans to Sogo from Shinsei Bank, formerly Long-Term Credit Bank of Japan, with an eye to waiving 97 billion yen of the debt. The scheme has since invited fierce public criticism.
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