Latest Tokyo Brief coverage on unbanked inc., tracking filings, financial news, and market signals from Japan.
TSE:8746
Investigation Division 2 has accepted unbanked's criminal complaint against five former trading partners over a gold bullion deal that left ¥1.34bn uncollected, a figure the company now puts at ¥1.36bn across 61 bars, while stressing the complaint's acceptance alone will not move its earnings.
A dismissed director's court petition was enough to get unbanked's bank accounts frozen for nine business days; the Tokyo District Court's August 31 dismissal of her claim let the freeze lift and gold bullion trading resume on September 2.
Tokyo-listed fintech unbanked dismissed president Hu Yan on July 17 over claims he ordered the company's auditor out of a board meeting, disclosed that some of its own directors doubt the vote's legality, and now faces a shareholder request to dismiss the entire board, including his successor, Yasuto Hirai.
unbanked's board ordered an independent probe after allegations that an outside figure known only as 'Mr. A' shaped management, funding and legal decisions. Directors accused of ties to him refused to answer the company's own email inquiry.
The number: corrected annual accounts show unbanked swung to a ¥2.827bn ordinary loss after ¥1.34bn in gold-trade receivables went uncollected. The catch: the auditor gave an unqualified opinion, but the company still judged its reporting controls ineffective and the TSE had already put the shares on special alert.