In Japan, Hokuetsu continues to pursue share issue case against Daio
COLOGNE, Germany, Aug. 23, 2019 (PPI Asia) -The Hokuetsu Corporation has decided to make a second appeal of the dismissal of its 2015 suit against Daio Paper’s directors.
In December 2015, the firm then known as Hokuetsu Kishu filed suit against almost all of Daio’s directors in the aftermath of a ¥30 billion ($283 million) September 2015 bond issue.
The value of Daio’s shares plunged by about a quarter with the issue.
Hokuetsu, a substantial shareholder, took a hit to the value of its holdings in Daio and saw them slip below 20% of the total.
Hokuetsu sought damages of ¥8.8 billion from the ...