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Tokyo company rips off Okinawa investors

Date Posted: 2007-09-27

Land G, a company selling health foods and products, is facing bankruptcy after being ordered to repay Okinawa investors it failed to pay dividends to.

The Tokyo-based company with offices in Ginowan had solicited investors nationwide, promising significant interest would be paid on their money. An Urasoe City woman invested ¥3 million after listening to company officials promise she would receive quarterly ¥90,000 interest payments for each ¥1 million invested. After failing to receive dividends, and no response from Land G, she took the company to court.

The court has ruled Land G must repay investors, but nobody knows when it will happen. Land G Chairman Kazuji Nami, who woos potential investors with concerts, hasn’t answered the court, saying only that “Your digital cash will never disappear, even if you have used it.”

A lawyer representing the ripped off investors says victims are in communities across Japan. He accuses Land G, which hasn’t even returned the initial investment money, of violating investment rules. “I already suspected this company,” he says, “and their talk is always untrue.” The attorney now promises an investigation as to what Land G did with the money, and says “we will try to support the people who invested in a fair way.”

Officials suspect Land G, led by Nami, of having squandered the money away, with no intent to repay investors. Speculation now is that the company is headed for bankruptcy to avoid returning money to investors.

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