: Classifieds : MyJU :
Stories: News
Browse News Stories: « Previous Story | Next Story »

Fraud trial doesn’t stop company from asking bankruptcy protection

Date Posted: 2008-05-30

World Ocean Farm leaders are in court after being charged with bilking more than 7,000 people out of more than ¥60 billion in a shrimp farming investment scheme, but they’re asking for some protection of their own.

The company is based in Tokyo, but operates a branch office in Naha City, where company sales people have been soliciting creditors and investors to “invest money to farm for shrimp in the Philippines and you will get back a lot of money. World Ocean Farm has more than 500 investors in Okinawa alone, government officials say. The company, founded in 2006, solicits investors for the shrimp farming, and also real estate and business investments.

Irate investors, fearful of losing their savings and investments, say company sales people made many skillfully phrased promises in signing them up. The Tokyo District Court has ordered the trial to go forward, and also directed the Tokyo Metropolitan Police Department to investigate World Ocean Farm in more detail. Okinawa investors are asking for action, saying “we need our money back from this company.

Adding to the company’s woes, investigators discovered that the company owner has a fake passport, and he is being prosecuted for it, too.

Browse News Stories: « Previous Story | Next Story »

weather currency health and beauty restaurants Yellowpages JU Blog

OkistyleOkistyleJU Facebook

Go to advertising PDF?||?|o?L?qAE?|?}?OA?N?ga`OkiStyle?A??q?qM?oeu^?I`??N?gX?<eth>?<ETH>?ni^?IWanted!!Golden Kings ScheduleOkiNightSeeker