UFJ Bank's Tokyo headquarters and homes of some of its former executives were searched in connection with the bank's alleged obstruction of inspections. The Japan Times reported Saturday the Financial Services Agency alleges UFJ Bank staff concealed documents last fall -- about 100 boxes of documents -- concerning the financial health of the bank's large borrowers ahead of an FSA inspection. After the discovery, the FSA said a bank employee allegedly rushed in and destroyed documents in front of the inspectors, thereby violating the Banking Law by making the amount of the bank's outstanding bad loans look smaller than it was, the Times said. Investigators began their search Friday, entering the bank's headquarters through an underground entrance to avoid reporters outside the building's main entrance. © Copyright 2004 by United Press International

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