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United Kingdom 06/02

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Atlus Parent Files for Bankruptcy; Faces Fraud Charges

GameInformer has word (by way of CNET Japan, NeoGAF, and Crunchyroll) that Index Holdings, the parent of publisher Atlus, has filed for "rehabilitation" (a Japanese form of bankruptcy) thanks to approximately 24.5 billion yen ($249 million) in outstanding debt. They explain the "streamlined" process this involves, adding the proceedings will be complicated by allegations of fraud the company must address. Here's a bit:

According to Japan's NHK (via Crunchyroll), the company has been accused of inflating sales figures by way of illegitimate business transactions. This process, known as "window dressing" or round-tripping (selling to another company under an agreement to buy back the exact same number of units at the identical price) made it seem like far more copies were moved.

Additionally, company president and CEO Yoshimi Ochiai and board chairman Masami Ochiai have expressed interest in departing the company. Whether this will necessitate a trustee for the rehabilitation is unknown.

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