The Financial Reconstruction Commission on Friday declared insolvent Chogin Kinki Shinyo Kumiai, the largest pro-Pyongyang credit union in Japan, and decided to send in state-appointed administrators.
Earlier in the day, Chogin Kinki, based in Kobe, asked the FRC to replenish its depleted liquidity under the financial system revival law, the commission said.
Debt-ridden Chogin Kinki, the third largest credit union in Japan with 640 billion yen in deposits, has given up efforts to rehabilitate itself and is asking for a public-fund injection so it can refund depositors on demand, it said.
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