The former head of failed credit union Tokyo Shogin, already under arrest on suspicion of embezzlement and extending 1.62 billion yen in illegal loans, provided another 3 billion yen in illegal loans to a Tokyo business group, investigative sources said Wednesday.
Kim Song Jun, 52, allegedly damaged the credit union by loaning 3 billion yen to the business group, owned by Masuo Taneda, 64, without securing sufficient collateral and knowing the money was unlikely to be repaid, the sources said.
The Taneda group's core company is a golf course management firm.