Tokyo Barrister: Start the law firm bankruptcy

Chapter 854: The Anger of the Union

"Hey!!! I say your bank really has no sense of responsibility and overall perspective!!"

In the meeting room, Minister of General Affairs Terada directly got angry.

On the evening of the Nippon Steel press conference, Minister of Internal Affairs and Communications Terada went directly to the headquarters of Nippon Steel and once again urgently summoned its six major correspondent banks, namely, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, Bank of Tokyo Central, Sumitomo Mitsui Banking Corporation, Shinsei Bank, and Chiba Bank.

When Terada learned that the interest waiver news had leaked, he was furious. Right now, he was caught up in the donation scandal exposed by Eriko. If the Nippon Steel project could be successfully handled, it would definitely be his comeback. Therefore, he could not tolerate any mistakes in it.

And the news must have leaked from the bank.

Terada saw this as a stab in the back by the bank.

At today's emergency meeting, everyone's mobile phones were taken away to prevent any form of recording.

Nippon Steel's chairman Shibata and others were also there. They also invited Terada to come as a rescuer. After all, since the last creditors' meeting, the bank has not made any progress in terms of interest waivers and new loans.

"I'll say it again!" Terada slammed the table. "Nippon Steel is an important enterprise in Japan. It has more than 70,000 industrial workers and is an important economic lifeline for our country. We absolutely cannot sit idly by and do nothing!"

The table creaked.

The bank representatives present also looked somewhat unhappy.

In Japanese business etiquette, banging the table is absolutely impossible.

However, the minister made such a disrespectful move.

There is no doubt that this is an extremely clear warning signal.

"When I was working at the Ministry of Finance, you banks should be familiar with my style." Terada suddenly sneered, "Banks, don't forget that the Financial Services Agency is currently investigating banks' illegal operations. I say again, we in Japan support banks that serve the real economy, not banks that transfer money from one hand to the other and dare not take responsibility!"

"If you continue to not support the real economy, it will greatly affect the Financial Services Department's inspection attitude towards you!"

The Minister of General Affairs issued the starkest warning.

If the banks do not try to save Nippon Steel, they will have a hard time with the subsequent supervision.

The bank representatives present were terrified when they heard this. You know, although the economy looks good on the surface, the bad debt rate in banks is actually increasing. If the Financial Services Department is serious about checking each project, it will definitely not be able to cover it up.

"We will definitely go back and give timely feedback to the head office," said a bank representative.

"Feedback?" Terada sneered again when he heard the bank's official response. He knew very well that such a response was invalid. What is timely feedback? How fast is timely? How to give feedback? What is the result after giving feedback? How long will it take to get the result? There were no specific details, and it was obvious that it was just standard official rhetoric.

"Perhaps you young representatives now are no longer familiar with my working style back then," said Terada.

The Minister of General Affairs stood up and walked towards the meeting room, then locked the door with a "click".

"Before your bank comes up with any financing plan, you are not allowed to leave the headquarters of Nippon Steel! Get everything done for me before you leave!!!"

The Minister of General Affairs showed his tough tactics.

They actually locked up several bank representatives in the Nippon Steel headquarters.

In extraordinary times, extraordinary things need to be done.

Originally, Terada didn't want to go to such extremes.

But there is no way.

There is no way back!

…    …

……

Meanwhile, late at night.

At the Sixth and Seventh Steel Plants, thousands of workers gathered in front of the administrative offices of the steel plants, creating an extremely oppressive scene.

The leader was naturally Toyama, the union secretary.

And they gathered outside the executive office, simply.

They knew that they would stay in this office during the few days on the island in order to deal with the union.

"Please ask General Manager Uejima to come out and answer our questions!" Toyama's loud voice rang out. He did not use any microphone or amplifier. However, his voice was very clear in the dark night.

Apparently, the union also learned about the rumor that Nippon Steel was discussing interest waivers with other banks today.

Toyama naturally also paid close attention to this matter.

After a while——

The door of the executive office opened.

Soon, General Manager Shangdao appeared. He still faced the crowd calmly. This experienced and shrewd manager also had a very strong aura and skills.

"I'll say it directly." Toyama looked at Uejima and said, "Today's market news about Nippon Steel negotiating with banks to waive interest has caused serious concerns among our union. Now, our Nippon Steel Union requires the management to disclose the following information to us within ten days."

"First of all, it is the number of orders currently in hand at Nippon Steel. Our union must have a comprehensive and thorough understanding of Nippon Steel's financial situation. Only then can our union determine whether the job distribution of each steel plant is reasonable and whether there is a need to make adjustments."

"Secondly, the records of your discussions with the bank must also be passed on to our union!"

Uejima listened to Toyama's aggressive tone and immediately responded firmly, "I have repeatedly emphasized to your association before that the union has no right to interfere in the business affairs of the company. Any communication records and documents between us and the bank are financial secrets of the Nippon Steel Group. We will never share them with the union!"

Toyama stepped forward, "You are totally wrong! General Manager Kamijima! Our union must have the right to know! Because if you and the bank carry out additional financing plans, it is very likely that additional collateral will be involved. As a result, the bank will have priority claims on Nippon Steel's assets, which will have a significant adverse impact on the rights and interests of our workers!"

Toyama touched upon a key issue.

That is the issue of additional bank guarantees.

If Nippon Steel wants to borrow more money from the bank, it will inevitably need to provide more assets as collateral.

Once these assets are pledged, the bank will be paid first.

If Nippon Steel really becomes insolvent, its assets will be taken away by the bank first.

For tens of thousands of industrial workers, there is no reliable asset to be compensated.

Therefore, the union will inevitably demand the right to know about Nippon Steel's financing plans and will intervene in certain circumstances.

In the middle of the night, a large number of people gathered and confronted the company's management.

The chaotic era of Nippon Steel has inevitably arrived...

(End of this chapter)