Chapter 231 Encounter with the Bank
The news that Yoshiaki Tsutsumi was sent to the hospital and Seibu Group was forced to liquidate its positions by the bank became the headlines of the Japanese media that night. At the same time, many people in the financial field began to read the research reports produced by Muddy Waters from a new perspective. Although there is no direct evidence to prove that Muddy Waters is the big short seller behind the short-selling of Seibu Group, the short-selling activities did take place after Muddy Waters' report was published.
Lebedev's research report became popular in the Japanese media following Yoshiaki Tsutsumi's liquidation, and even European financial research institutions began to pay attention to the research report of Muddy Waters. And Yoshiaki Tsutsumi's liquidation made Seibu Group's debt problem become the focus of media coverage.
Although Yoshiaki Tsutsumi is still in the hospital, the investment community has cast doubts on Yoshiaki Tsutsumi's ability to pay his debts. Whether Yoshiaki Tsutsumi can recover his losses is still unknown. The Seibu Group applied to the Tokyo Stock Exchange for an emergency suspension of trading, and the stocks of all companies under the Seibu Group will temporarily suspend trading. Anyone with a discerning eye can see at a glance that the Seibu Group has been cornered by the mysterious short side, and they can no longer bear the stock price to continue to fall like this.
Just after Yoshiaki Tsutsumi was sent to the hospital, the Japanese financial circles began to re-examine the huge losses of the Seibu Group. Today alone, the Seibu Group has lost tens of billions of dollars in assets. Yoshiaki Tsutsumi's net worth has shrunk even more. Is there really no problem with such a company that has been continuously underestimated by funds? Faced with this problem, the main bank of the Seibu Group was the first to respond. In the face of the plunge, Tsutsumi Yoshiaki, who did nothing, began to make them doubt the solvency of the Seibu Group, and they began to issue loans to Seibu for themselves. Similarly, in the bond market, due to the continuous decline, Seibu Group's corporate bonds began to be downgraded by the three major rating agencies in Europe and the United States. This is a huge blow to the confidence of creditors. Under these two worries, the Seibu Group's debt problem inevitably broke out.
First, Seibu's main correspondent banks, Bank of Tokyo-Mitsubishi and Sumitomo Bank, tried to recoup loans they had lent. The Seibu Group refused on the spot under the pretext that Yoshiaki Tsutsumi was still hospitalized and unable to handle official duties. This has made the two banks more concerned about the safety of their own funds.
At this time, the Muddy Water Company in Switzerland published the latest research report, pointing out that several large-scale projects of the Seibu Group in Hokkaido suffered serious losses, but these projects were marked as profitable in the financial report of the Seibu Group. As soon as the news came out, investors became more suspicious of Seibu Group.
The first financial fraud can be said to be the negligence and carelessness of the staff, but more financial fraud incidents were exposed the second time, which can no longer be muddied by negligence alone. Who knows how many more dishonest frauds the Seibu Group has.
Muddy Waters' report is now a must-read financial report for the Japanese investment community, and even many foreign investors regard Muddy Waters' report as an important source of research. The reason is that every time Muddy Water issues a research report on Seibu Group, it will always cause heavy losses to Seibu Group. This time, the large-scale fraud incident made the shareholders of Seibu Group feel cold sweat for their own company.
Bank of Tokyo-Mitsubishi and Sumitomo Bank are not so easy to get rid of,
As long as Tsutsumi Yoshiaki is alive, he will have to face the bank's debt collection. The opportunity came when Yoshiaki Tsutsumi just woke up from a coma, and the heads of the credit departments of Bank of Tokyo-Mitsubishi and Sumitomo Bank, who got the news, came to visit Yoshiaki Tsutsumi with gifts. After the two parties exchanged polite remarks, they quickly got to the point.
"President Tsutsumi, I am sorry to bother you when you are sick, but we hope to recover the credit funds lent to your company. Our Tokyo Mitsubishi Bank has some liquidity problems recently, and the turnover of internal funds is in trouble ..."
"President Tsutsumi, on behalf of Sumitomo Bank, I would like to discuss with you the repayment of your loan from our bank. I want to know that you used your stock as collateral to receive the loan from our bank, and now your company's stock price has shrunk severely. , your company must provide new collateral, otherwise we will have to withdraw the loan early..."
Tsutsumi Yoshimitsu is the richest man, and no one has dared to talk to him like that for many years. Before he entered the hospital, he only needed to ask for a loan, and the executives of the two banks went to his office to discuss it in person, but now he only sent two responsible persons to press for the loan. Do you really feel like you are being bullied?
"You two, I'm still in the hospital, can't we wait until I'm discharged to discuss the debt issue?" Tsutsumi said in a bad tone.
"I'm very sorry to disturb your cultivation, but it is our bounden duty to ensure the safety of customers' funds, please be sure to raise your hand..." The supervisor of Tokyo-Mitsubishi Bank saw Tsutsumi Yoshiaki's attitude and knew that the other party probably did not intend to pay back the money. Kneeling directly on the ground, he begged Tsutsumi Yoshiaki in a gesture of apology. The supervisor of Sumitomo Bank who stood aside also knelt on the ground when he saw this, begging Tsutsumi Yoshiaki. The two fifty-year-old men knelt on the ground respectfully, begging the former richest man in the world to repay the loan and redeem the stocks. The reason for this is that these loans were issued by them. Once they cannot be recovered, their careers will be over, and they will definitely be dismissed after causing such a large loss. Moreover, as the largest landowner in Japan, how much money Yoshiaki Tsutsumi borrowed from the banking system where the two belonged is a frightening figure.
"Are you two insisting on tearing up the years of friendship between me, Mitsubishi and Sumitomo? Come on, I'm not feeling well, see off my guests!" As soon as Tsutsumi finished speaking, his bodyguard came in and politely invited The two went out, how could the two be dismissed so easily, they refused to leave the room desperately, clung to Tsutsumi's hospital bed and refused to leave. Tsutsumi became even more angry, and asked his bodyguards to unceremoniously throw the two of them out of the room. The scene was really ugly.
Although this is a private hospital, everything that happens will not be leaked. However, the hospital has long been infiltrated by some interested media. The scene in Yoshiaki Tsutsumi's ward was completely recorded by a reporter disguised as a hospital worker, and it was broadcast by a TV station in Tokyo that night. Under the attention of the media, Yoshiaki Tsutsumi and the main bank The incident of hostility became known to everyone that night. On the second day, the building of Seibu Group headquarters was crowded with investors who came to collect debts. Many people feel uneasy and panic about the precarious Seibu Group. ()