Itochu Corp. said Wednesday that it and an investment fund have set up a new company to take over main operations of used car dealership Bigmotor Co., which had been mired in an insurance fraud scandal.The new company, Wecars Co., will run Bigmotor's core businesses such as used car sales and repair operations, with all management executives of the troubled company dismissed from their posts. Bigmotor was renamed Balm Co. and will focus on reparations.Itochu and its energy unit Itochu Enex Co. took a 49.9 percent stake in Wecars and investment fund J-Will Partners holds the rest, with combi…READ FULL ARTICLE
