BookTitleToyota Tsusho 70-Year History

Summary

Toyota Tsusho 70-Year History

Chapter 1Enhancing Trade andProject ManagementSection 1 The Establishment of Nisshin Tsusho1 The Dissolution of Toyota SangyoAfter the war, the General Headquarters of the Allied Forces (GHQ) carriedout the dismantling of the zaibatsu conglomerates in the name of economicdemocratization. In GHQ Directive No. 3,“US Initial Post-Surrender Policyfor Japan,”announced by the U.S. government in September 1945, it says,“The dismantling of the large commercial and financial conglomerates thathave controlled a large portion of Japanese commerce and industry should bepromoted.”As a result, on November 6, 1945, GHQ issued the“Memorandum onthe Dissolution of Holding Companies”(also known as the Dissolution of ZaibatsuDirective). The four largest zaibatsu, Mitsui, Mitsubishi, Sumitomo, and Yasuda,or in other words, what the GHQ directive referred to as“large conglomerates,”were dissolved. Furthermore, due to the Restricted Companies Order of November24, which was a licensing system of Japan’s Minister of finance to handle thedissolution of companies and disposal of assets, many companies, especially thezaibatsu-related companies, were restricted, and Toyota Motor Co., Ltd., was oneof them.Zaibatsu dissolution efforts continued into 1946. The Holding CompanyLiquidation Committee, an agency overseeing the dissolution, began its activitiesin August of that year and designated 20 companies as holding companies.This was in addition to the 40 companies already designated in the three earlierdesignations, such as Asano, Shibusawa, Nomura Partners, Nissan.On September 26, 1947, a fifth designation was held, and Toyota Sangyo wasdesignated as a holding company. This was due to the fact that Toyota Sangyoheld stock in each of the Toyota Group companies. As a company in liquidation,its stock in other companies and its investments, products, land, etc., were cededto the Holding Company Liquidation Committee, and the company was forcedto dissolve. Asset reorganization of 200,800 shares of stock in Toyoda AutomaticLoom Works, 223,369 shares of Toyota Motor Co., Ltd., 68,100 shares of China’sToyoda Boshoku Sho, etc., was conducted, and on June 20, 1951, the liquidationwas completed.Holding company designation form2 Establishment of Another Company Through the Separation ofthe Trading DepartmentToyota Sangyo was forced to dissolve, but its president, Risaburo Toyoda, andvice president, Tojiro Okamoto, explained the facts to the Holding CompanyLiquidation Committee as well as GHQ and gained approval for the separationof the Trading Department. Following the example of other corporations, theyNotice of extraordinary General ShareholdersMeetingHistory51