Japan Post CEO considers resigning

Japan Post CEO considers resigning

Masatsugu Nagato, the chief executive of the former state-owned postal and financial services group Japan Post Holdings Co. said he is considering resigning in the wake of an investigation that uncovered more than 12,000 cases of suspected improper sales of insurance products at two subsidiaries in the five years through March 2019, reports The Japan Times

“Regarding management responsibility, I will announce it at an appropriate time,” said Nagato on Wednesday at a news conference in Tokyo. “There is a broad range of stakeholders, and each has a different responsibility, so the management will need to discuss the matter thoroughly.”

A company panel probed 183,000 suspected cases of improper sales at Japan Post Insurance Co. and Japan Post Co. The report found that of those, violations of a law or in-house rules are suspected in 12,836 cases.

It said legal violations were confirmed in 48 cases, while 622 were found to have breached in-house rules.

Some salespeople falsely and unlawfully told customers that their new contract could not be terminated for six months, while others pressured customers to delay terminating their contract, in violation of internal rules, Japan Post Holdings said.

Japan Post Insurance sold the products at over 20,000 post offices nationwide.

The government owns a 57 % stake in Japan Post Holdings, which was privatised in 2007.

 

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