Change the World, the operator of the renewable energy power plant investment service “Watt Store” and currently undergoing bankruptcy proceedings, has announced the implementation of an intermediate dividend to its creditors.
“Watt Store” was known for offering fractional sales investments in solar power plants and wind farms. Investors could earn monthly sales revenues based on the number of investment units, and the service also advertised the accumulation of miles in partnership with ANA Mileage Club and JAL Mileage Bank. The company filed for bankruptcy with the Tokyo District Court in February 2023. In October, despite the prohibition of so-called owner sales after the enforcement of the revised Depository Law, former representative director Tomoyuki Ikeda and others were arrested on suspicion of violating the Depository Law by continuing the practice.
The dividend rate for the intermediate dividend is 100% for priority bankruptcy claims and 25% for general bankruptcy claims of investors. Although the liquidation of most of the assets has been completed, there are still some estate administration tasks that require time, such as monetary claim lawsuits with the bankruptcy trustee as the plaintiff, which is why the intermediate dividend is being implemented. The timing, dividend rate, and projected amount of the final dividend are yet to be determined.
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