Japan Post to Probe Info Leak Scandal under New Chief

Economy Politics

Tokyo, Jan. 9 (Jiji Press)--New Japan Post Holdings Co. <6178> President Hiroya Masuda vowed Thursday to investigate the leak of information on administrative punishments on the group related to its improper sales of insurance products.

"We're preparing for the probe," Masuda said at his first press conference since taking office as leader of the postal and financial service group.

Masuda thus reversed the policy of not investigating the scandal, a stance taken by his predecessor, Masatsugu Nagato, who resigned to take the blame for the inappropriate insurance sales, together with the chiefs of two units, Japan Post Insurance Co. <7181> and Japan Post Co.

The information leak scandal came to light last month. Then vice internal affairs minister Shigeki Suzuki was found to have provided information on the administrative penalties to Yasuo Suzuki, then senior executive vice president of the holding firm and former vice internal affairs minister. The former was sacked following the revelation of the wrongdoing, and the latter was also forced to resign.

"We'll boost efforts to fully uncover the insurance sales scandal as early as possible and eliminate disadvantages inflicted on customers," Masuda said. He and the two units' new presidents took office on Monday.

[Copyright The Jiji Press, Ltd.]

Jiji Press