Lenders seek $700 million after Japanese payments firm’s collapse
4 Articles
4 Articles
(Tokyo=Yonhap News) Correspondent Lee Do-yeon = The local restaurant industry in Japan has been thrown into turmoil following the bankruptcy of an Osaka-based credit card payment gateway (PG), according to Nihon Keizai...
The problem of credit card payment processing company "Zen-Toshin" (Osaka), which has entered bankruptcy proceedings, failing to deposit sales revenue into at least 20,000 contracted stores, is spreading throughout the prefecture, mainly affecting restaurants. Some stores are reportedly suffering losses of several million yen.
On the 9th, Tokyo Shoko Research (TSR), a private credit research company, announced the results of its investigation, stating that the largest creditor of Zen-Toshin (Chuo-ku, Osaka), a credit card payment processing company that has been ordered to commence bankruptcy proceedings, is Kinki Sangyo Credit Union with 21.9 billion yen.
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