Lehman Brothers Japan seeks bankruptcy protection
16/9/2008 17:59
Lehman Brothers Japan Inc. has filed for bankruptcy protection with the
Tokyo District Court following a failure of its parent firm yesterday, sources
with the company said today.
The Tokyo Stock Exchange announced it will halt
all trading and futures trading of Lehman shares from today.
The bankruptcy
of the unit is the second largest corporate collapse in terms of debts in
postwar Japan.
The fourth-largest US securities house filed for bankruptcy
protection yesterday in New York after bailout talks faltered over the
weekend.
Lehman Brothers Japan is required to suspend operations for 12 days
to Sept. 26 after Japan's Financial Services Agency (FSA) received the filing
for bankruptcy.
In order to prevent Lehman assets being transferred offshore,
the FSA also ordered the unit to retain certain assets within Japan to protect
investors in Tokyo.
Lehman Brothers Japan manages about 1.2 trillion yen
worth of assets, mainly for institutional investors, according to FSA
sources.
Xinhua
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