The Tokyo District Court has opted to seize the personal assets of former Sogo Co. Chairman Hiroo Mizushima, at the request of the Industrial Bank of Japan, in a bid to collect a loan to the failed department store chain that he personally guaranteed, sources said Wednesday.
The IBJ, the main bank for the failed store chain, acted to ascertain Mizushima's personal assets and recover as much of the loan as possible, the sources said.
The IBJ is asking Mizushima, 88, to repay 6 billion yen of the credits it extended to the Sogo group, they said.