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Japan: Insiders foretell Yamato Life's bankruptcy on 2-Channel

The effects of the American subprime loan crisis have arrived in Japan and the first company fall victim to the outfall is Yamato Life Insurance Company (大和生命保険会社). The Japanese midsize insurer filed for bankruptcy on the 10th of October and applied to the Tokyo District Court for bankruptcy protection under the Corporate Rehabilitation Law.

The causes are said to be related to the risky business model adopted by president Nakazono, in charge since March 2008, as 42.2% of the company's assets seem to have come from real estate investment trusts, foreign stocks and collateralized debt obligations. In addition, as of the end of September, Yamato Life's net loss was about 11.5 million yen, and the solvency margin ratio only 26.9%.

While much has been speculated about relations between the insurer's bankruptcy and the world financial crisis and its causes, in the last week many blogs have reported on a different angle to the story, reacting to a thread that appeared few months ago on 2channel (2チャンネル), the most popular message board in Japan.

The anonymous announcement says:

小さな悪魔の会社、大和生命 に注意!Ⅱ
1 もし2008/05/06(火) 20:57:04
このスレが1,000いくまで会社は持たないと思うけど、
それまでは皆で情報を共有しようよしたいよね!
現役もOBも引き続き頑張りましょう!!

Watch out for Yamato Life, the little company of the devil!
I don't think the company will last until this thread reaches 1000 [entries],
but I'd like to share information with all of you between now and then!
Let's all of us, those who are active [commenters] as well as the old boys, all try to keep [this thread] going!!

As prophesized in this entry dated the 6th of May, the total number of entries reached just around 250 when Yamato Life's bankruptcy was publicly announced by the company's president. It is very interesting to browse the whole thread and to see how people, mainly employees of the company, have continued to update news about the last months of life of their company from back in May to October, denouncing from the inside the dangers of the company's bad administration and writing about its financial troubles.

The thread continues:

7 もしもの為の名無しさん2008/05/08(木) 20:58:09
不動産売りまくって無理やり黒字化?

Did they just sell all their real estate like crazy to bring [the company] into the black?

9 もしもの為の名無しさん2008/05/08(木) 22:16:36
もう売る不動産が残ってないだろ

I guess they don't have any more real estate left

17 もしもの為の名無しさん2008/05/09(金) 23:28:25
非常に困ってます。
システムの古さもそうですが
一番困ってるのは経営陣の思考の古さです。

[The company] is really in trouble.
The system is also out-of-date, but the biggest problem is that the thinking of the management is obsolete.

Many comments mentioned the suspiciously large number of employees, managers included, who quit their jobs at Yamato Life in the last months.

43 もしもの為の名無しさん2008/05/20(火) 06:42:20
さあ決算
今年は何人の役員が辞めるのかな

Mm the closing audit…
How many executives will quit this year?

45 もしもの為の名無しさん2008/05/21(水) 07:24:22
今月末は何人辞めるの?

How many people will resign at the end of this year?

46 もしもの為の名無しさん2008/05/21(水) 21:30:38
中堅の人材がこれほど大量に、しかも全員同業他社に転職していることは、
明らかに失政、人災である。
人事担当役員は当然更迭、恥を知る者なら自ら責任をとるだろうに・・。
のんきなヤツだね。知らんぷりで通しちゃう気かね。

The fact that so many of them are core people, and that all of them are going to work at other companies of the same industry, is clearly due to mismanagement, it's a man-made disaster.
The executives of personnel affairs will obviously be replaced, and maybe the people who should be ashamed about this will take responsibility for it…
What a reckless bunch of people! They act as if they didn't know.

As the company had planned to go public in November, in the last months it was acting under due diligence, but from the posts on 2-Channel it seems that there was not enough transparency on the matter.

59 もしもの為の名無しさん2008/05/31(土) 08:41:24
19年決算、資産を売却してやったらしい。運用に失敗し、運用担当者責任を取らされて、辞任。
部長は左遷、社長始め他の役員達株主に対しての責任の取り方聴きたい。6月の株主総会楽しみだ!それにしても
サブマネを始め、他の運用損は何十億と大和生命では大打撃と思うよ。

From the budget for the 2007 [fiscal year], it seems they are selling their properties. Having failed with operations, the executive in charge passed on the responsibility [for what happened], and resigned.
I'm eager to see the head of the department demoted, and hear how the board, and the president for starters, will take responsibility for shareholders. I'm looking forward to the general assembly of shareholders in June!
But in any case, I think the millions of yen in losses caused by investments and subprime money will come as a big shock for Yamato Life.

65 もしもの為の名無しさん2008/06/03(火) 00:20:50
自業自得だな。なんせ能無しを次から次へと取っかえ引っかえ役員にするんだからな。
業界内では誰もが分かってるのに他者に人脈ないから簡単に引っかかるんだよ。

It serves them right. Because they chose as directors people who act with incompetence time and time again.
Everybody inside the company knew it, but they were still cheated because they were not connected to other people.

77 もしもの為の名無しさん2008/06/05(木) 22:44:34
社外監査役に聞きたいこと
1.取締役の職務遂行に関して、
  不正の行為または法令もしくは定款に違反する軽微な事実は、
  認められましたか。
2.契約者配当の実施は、純資産が265億円から40億円に激減しているなど、
  会社財産の状況に照らし、問題はないのですか。

I'd like to ask to the external auditor two things:
1. Concerning the fulfillment of duties by the director, has it been recognized that he carried out illegal acts, and has the minor fact that he violated laws or company statutes been recognized?
2. With the distribution of dividends to policyholders, where net assets have dropped from 26.5 billion yen to 4 billion yen, shedding light on the company's situation — isn't there some kind of problem here?

78 もしもの為の名無しさん2008/06/06(金) 00:45:32
それでも上場は11月だし

And despite this they go will public in November.

84 もしもの為の名無しさん2008/06/08(日) 23:07:56
>78
上場は無期延期
株券持ってたら持株会が2割増で買い取るそうよ。
といっても来年まで予約一杯らしいけど

To comment 78:
The listing has been postponed for an indefinite time.
Apparently if you have some shares the stock owners will buy them for double.
although they are already full until next year.

108 もしもの為の名無しさん2008/06/18(水) 22:50:57
監査役の辞意表明は絶妙のタイミングだね

This is perfect timing for the resignation announcement by the auditor.

114 もしもの為の名無しさん2008/06/21(土) 00:00:02
従業員は株買えるの?

Can employees buy shares?

115 もしもの為の名無しさん2008/06/22(日) 13:57:01
買いたくなくてもほとんど強制的に買わされてます。
退職金もらえるかどうか分かんないのに酷いよね!

They are forced to buy them even if they don't want to.
Although they are not even sure if they will get their retirement allowance, how horrible!

Finally, in September, in the last days before the announcement of bankruptcy:

207 もしもの為の名無しさん2008/09/06(土) 01:11:23
金融庁には経営陣の無策、特に基礎利益確保のための
資産損ぎりについてしっかり意見を述べてもらいたいね
毎年、資産売却されたんじゃたまらん

I really want the Financial Services Agency to state their view about the loss in assets due to lack of policy among management ranks, and in particular due to their assurances of basic profits.
They can't go selling off assets every year.

228 もしもの為の名無しさん2008/10/01(水) 00:03:43
資産運用問題がマジでヤバイ
検査期間は大幅延長
社長またもや雲隠れ入院
秋田の犯罪は隠蔽成功?

The asset management problem is really serious
The inspection period has been extended a great deal
The President is still hiding in the hospital
Did the criminal from Akita succeed in covering things up?

245 もしもの為の名無しさん2008/10/10(金) 09:15:04
アボーン 大和生命、更生特例法の適用申請
http://www.nikkei.co.jp/news/main/20081010AT2C1000210102008.html

Dadaaan! Yamato Life applies for special exemption under the Corporate Rehabilitation Law
http://www.nikkei.co.jp/news/main/20081010AT2C1000210102008.html

248 もしもの為の名無しさん2008/10/10(金) 09:21:16
経営破たんきたあああああああああああ

And the bankruptcy has cooooome!!!

260 もしもの為の名無しさん2008/10/10(金) 09:23:27

内定もらってたのに…

What?
But I was just recruited…

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