Japan Post Group to Punish 573 Officials over Scandal

Economy Politics

Tokyo, July 29 (Jiji Press)--The Japan Post group decided Wednesday to take punitive action against 573 officials over improper sales of Japan Post Insurance Co. <7181> products between fiscal 2014 and fiscal 2018, including executive officers who were not directly involved in the scandal.

At a press conference on the day, Japan Post Holdings Co. <6178> President Hiroya Masuda indicated that the company will aim to decide at a board meeting next month or later to resume sales of Japan Post Insurance products.

In the punitive action, 39 executive officers and others will be given strong warnings or face cuts in their monthly pay. Six officials who were involved in many of the improper sales will be dismissed.

As the group plans to punish more officials later, the number of those to be punished may reach around 3,000.

"We take seriously that we caused disadvantages to many customers, and will take unprecedented strict measures" against those who are responsible for the scandal, Masuda said.

[Copyright The Jiji Press, Ltd.]

Jiji Press