Japan Post Insurance Apologizes to Shareholders over Scandal

Economy

Tokyo, June 15 (Jiji Press)--Japan Post Insurance Co. <7181> President and Chief Executive Officer Tetsuya Senda apologized to shareholders for improper sales of Kampo insurance products Monday.

"We deeply apologize for causing great worries by taking administrative punishment," Senda said at the beginning of an annual general meeting of shareholders, the first such gathering since the scandal broke in June last year.

Senda explained the progress in the investigation into the scandal and steps to prevent any recurrence of irregular sales activities.

"It's essential to rebuild the Kampo brand, based on safety and trust," Senda stressed.

Shareholders criticized the company for its failure to disclose information about the improper sales in time for the second round of Japan Post Holdings Co.'s <6178> sale of Japan Post Insurance shares in April last year.

[Copyright The Jiji Press, Ltd.]

Jiji Press