FSA Orders 3-Month Partial Biz Suspension to Japan Post Firms

Tokyo, Dec. 27 (Jiji Press)--Japan's Financial Services Agency on Friday ordered a three-month partial business suspension to two units of Japan Post Holdings Co. <6178> as punishment for their improper sales of "Kampo" insurance products.

The administrative measure was taken against Japan Post Insurance Co. <7181> and mail delivery arm Japan Post Co. The internal affairs ministry will also announce punishment on the group later on Friday.

The Japan Post group is expected to announce the resignation of Masatsugu Nagato, president and chief executive officer of the parent company, and three other group leaders the same day.

The three are Japan Post Insurance President and CEO Mitsuhiko Uehira and Kunio Yokoyama, president and CEO of the mail delivery unit, and Yasuo Suzuki, senior executive vice president of the holding company

The FSA ordered a business suspension to Japan Post Insurance and Japan Post Co. for the first time.

[Copyright The Jiji Press, Ltd.]

Jiji Press