JNR Settlement Corporation
Encyclopedia
was a corporation
formed to handle long-term debts and redundancies following the privatization
and breakup of Japanese National Railways
on April 1, 1987.
It was dissolved on October 22, 1998 after being unable to pay back more than 30 trillion JPY
in long-term debt. Following its dissolution, its assets and liabilities were inherited by the Japan Railway Construction Public Corporation
.
JNRSC's assets and liabilities are currently managed by the JNR Settlement Headquarters of the Japan Railway Construction, Transport and Technology Agency
.
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
formed to handle long-term debts and redundancies following the privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
and breakup of Japanese National Railways
Japanese National Railways
, abbreviated or "JNR", was the national railway network of Japan from 1949 to 1987.-History:The term Kokuyū Tetsudō "state-owned railway" originally referred to a network of railway lines operated by nationalized companies under the control of the Railway Institute following the nationalization...
on April 1, 1987.
It was dissolved on October 22, 1998 after being unable to pay back more than 30 trillion JPY
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
in long-term debt. Following its dissolution, its assets and liabilities were inherited by the Japan Railway Construction Public Corporation
Japan Railway Construction Public Corporation
was a public corporation responsible for the construction of railway lines in Japan.The JRCC was established in 1964 as the successor to JNR's railway line construction division. Kakuei Tanaka, then an influential member of the House of Representatives, was said to have been involved in its creation...
.
JNRSC's assets and liabilities are currently managed by the JNR Settlement Headquarters of the Japan Railway Construction, Transport and Technology Agency
Japan Railway Construction, Transport and Technology Agency
The , or JRTT, is an Independent Administrative Institution created by an act of the Diet of Japan effective October 1, 2003. JRTT was founded by integrating the Japan Railway Construction Public Corporation and the Corporation for Advanced Transport and Technology .JRTT was a major shareholder...
.