Tokyo Star Bank
Lone Star gained profit by collecting non-performing loans handed over from the former Tokyo Sowa Bank (now Tokyo Star Bank), which collapsed in 1999 and was then granted 760 billion yen from the Japanese government. However, the profit was transferred to a fund based in Bermuda via an Irish corporation, allegedly a shell, which barred the Japanese government from directly collecting taxes.
The company did not report the profit, but the Tokyo Regional Taxation Bureau recognized the case, corrected Lone Star's books by about 14 billion yen for years 2002 and 2003, and adjusted the company's corporate tax by 5 billion yen, including additional tax. However, the company has not yet paid the tax and, because it owns no domestic assets, the government has not yet been able to seize its property.
Read more about this topic: Lone Star Funds
Famous quotes containing the words tokyo, star and/or bank:
“Eclecticism is the degree zero of contemporary general culture: one listens to reggae, watches a western, eats McDonald’s food for lunch and local cuisine for dinner, wears Paris perfume in Tokyo and “retro” clothes in Hong Kong; knowledge is a matter for TV games. It is easy to find a public for eclectic works.”
—Jean François Lyotard (b. 1924)
“For a painter, the Mecca of the world, for study, for inspiration and for living is here on this star called Paris. Just look at it, no wonder so many artists have come here and called it home. Brother, if you can’t paint in Paris, you’d better give up and marry the boss’s daughter.”
—Alan Jay Lerner (1918–1986)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)