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Report condemns failed Osaka projects


17 Jan 2004
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Hachiko returns with the posting of some interesting articles. Osaka sure is one business city, but like most of the world's is not perfect...

OSAKA -- The virtual bankruptcy of three municipal public-private projects designed to attract international investment was the result not only of poor management and vague strategy but of a refusal by management to adopt to changing economic conditions.
These were the main conclusions of a final report from an independent commission set up by the Osaka Municipal Government to examine why three third-sector projects -- the Asian Trade Center, the World Trade Center, and the Minatomachi Distribution Center -- were forced to seek protection from their creditors in February.

Total accumulated debt for all three projects had climbed to nearly 1.85 trillion yen by the time they sought a bailout.

Japan Times

(I think this article should be redirected to Economy section...)
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