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Prosecutors Conduct Raid of Troubled Japanese Bank - 2004-10-08


Japanese prosecutors raided the Tokyo headquarters of UFJ Bank Friday, one day after a criminal complaint was filed against the embattled institution.

Japanese banking authorities accuse UFJ of attempting to hide the true extent of its financial debt. The bank is saddled by millions of dollars in debt.

Officials have also ordered UFJ's Tokyo and Osaka branches to stop loaning money to new corporate customers for six months.

UFJ Bank plans to merge with Mitsubishi Tokyo Financial Group, which has already injected millions of dollars into the bank to keep it afloat.

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