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Japan postal giant board to resign over fraud scandal

Japan postal giant board to resign over fraud scandal

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  26 Dec 2019 12:15 PM GMT

Tokyo: The board of the Japanese postal and financial conglomerate Japan Post Holdings plans to resign on Friday following a scandal about fraudulent insurance and other service sales. Chief Executive Officer (CEO) Masatsu Nagato, and the heads of the postal and insurance branches, Kunio Yokoyama and Mitsuhiko Uehira, respectively, had already announced their decision to the others on the board. Executives will assume responsibility for a fraudulent insurance and financial services sales scandal that affected thousands of clients, most of them elderly, Efe news reported. Authorities have opened an investigation into the conglomerate, heir of the former state postal and banking services company Japan Post, which has been controlled mostly by the state since its IPO in 2015. The scandal of abusive practices by commercials trying to meet the ambitious sales targets came to light after an internal investigation following numerous complaints filed by customers. (IANS)

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