Japan Post Insurance Knew Irregularities at Time of Stock Sale

Economy Politics

Tokyo, July 29 (Jiji Press)--Japan Post Insurance Co. <7181> reported Monday that it was aware of insurance sales irregularities when its parent, Japan Post Holdings Co. <6178>, sold shares in the unit in April.

The report was made at a meeting of the government's Postal Privatization Committee, Kazumasa Iwata, head of the committee, told a news conference.

The report runs counter to a comment by Japan Post Insurance President Mitsuhiko Uehira at a press conference July 10. He then said, "The problems weren't recognized at the time of the share sale."

According to Iwata, a Japan Post Insurance official claimed that at that time, staff knew there were complaints but did not know the entire scale.

Iwata described the company's act of letting the shares sold while being aware of the irregularities as "problematic."

[Copyright The Jiji Press, Ltd.]

Jiji Press