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Korinza requests Okinawa City support covering debt

Date Posted: 1999-06-26

The regular shareholders meeting of the troubled Korinza Shopping Mall of Okinawa City decided to re-elect Okinawa City Mayor Masakazu Nakasone to the post of the president, Tuesday. Nakasone had earlier announced his resignation from the post after he discovered the extent of debts the mall had. Korinza Mall is a venture mostly underwritten by Okinawa City.

The mallís financial statement for the fiscal year ending at the end of March, revealed that Korinza is •4 billion in debt, including the construction costs of the mall that remain unpaid. In order to keep the mall open for business, the shareholders decided to seek financial help from Okinawa City in the form of guarantees for a •3 billion loans from local banks. The loan would be used to cover the unpaid construction costs.

The Okinawa City General Affairs Division is scheduled to discuss the matter June 30, and the city assembly is scheduled to start deliberations on the case in the beginning of July.

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