Partners CV, consisting of a consortium of foreign banks led by Ripplewood Holdings, which had bid against The Chuo Mitsui Trust and Banking Co. for the acquisition of LTCB. The company was renamed Shinsei Bank in June 2000. Although LTCB was delisted from the TSE upon its purchase, Shinsei, which was relieved of the bad debts of its predecessor, had a successful initial public offering at 2004 and remains in operation today as a commercial bank. Prosecution of executives Prosecutors opened criminal investigations of several LTCB executives, owing to illegal payments of dividends in 1998 while the company was insolvent. Corporate planning head Takashi Uehara committed suicide in May 1999 shortly after his indictment was leaked to the public; Osaka branch manager Kazunori Fukuda followed suit days later. LTCB president Katsunobu Onogi and two executive vice presidents were arrested in June 1999 on charges of reporting false profits and authorizing illegal dividends. On appeal, Onogi was sentenced to three years in prison and four years' probation while the other two executives were sentenced to two years in prison and three years' probation. The Supreme Court of Japan overturned their convictions in 2008, stating that the public accounting standards at the time were unclear and in a transitional period. The government was also unsuccessful in a suit to claim compensatory damages from the three executives. Further reading Gillian Tett, Saving The Sun (Harper Business, 2003) References Defunct banks of Japan Financial services companies based in Tokyo Banks established in 1952 Banks disestablished in 2000 Companies formerly listed on the Tokyo Stock Exchange Companies that have filed for bankruptcy in Japan Japanese companies established in 1952 Japanese companies disestablished in 2000