Chiyoda Mutual Life Insurance Co., restructuring under the corporate rehabilitation law, filed a 7.136 billion yen damages suit Wednesday against former board members, claiming their reckless loan policies were responsible for the firm's failure.
The documents state that either law violations or significant violations of management obligations occurred in three series of transactions conducted by four former officials: former Chairman Yasutaro Kanzaki, 78, who was president from 1982 to 1996 before serving as chairman until January 1999; former Managing Director Noriyuki Ueda; and former senior managing directors Ryosuke Kita and Ryo Doi.
The Tokyo District Court is expected to decide on the damages evaluation by the end of March. By that time, the Tokyo-based life insurer hopes to gain government approval for its rehabilitation.