Bankruptcy for AUM Shinrikyo cult complete, victims to share 1.5 billion yen

Bankruptcy procedures for the AUM Shinrikyo religious cult were virtually completed on Wednesday, with an estimated amount of 1.5 billion yen to be distributed to the victims of the cult’s crimes.

The closure of procedures came at a meeting of the cult’s creditors at the Tokyo District Court on Wednesday, 12 years after the bankruptcy procedures for the doomsday cult started in March 1996

Saburo Abe, a lawyer who serves as bankruptcy administrator for the cult, reported at the court that a total of about 1.53 billion yen is expected to be distributed to the victims.

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The amount is about 40 percent of the approximately 3.8 billion yen that the cult owes its victims.

As the cult has been split into two factions, Abe said, “It would be difficult to collect any more money, and the amount that can be given to the victims has nearly reached a limit.”

The court had already approved that bankruptcy procedures would come to an end.

Meanwhile, both the ruling and opposition parties have been considering a bill to financially aid the victims.

Source

(Listed if other than Religion News Blog, or if not shown above)
, Mainichi Daily News, Mar. 26, 2008, http://mdn.mainichi.jp

Religion News Blog posted this on Wednesday March 26, 2008.
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