AGL 38.00 Decreased By ▼ -0.48 (-1.25%)
AIRLINK 191.00 Decreased By ▼ -12.02 (-5.92%)
BOP 9.21 Decreased By ▼ -0.96 (-9.44%)
CNERGY 5.83 Decreased By ▼ -0.71 (-10.86%)
DCL 8.60 Decreased By ▼ -0.98 (-10.23%)
DFML 36.20 Decreased By ▼ -3.82 (-9.55%)
DGKC 92.00 Decreased By ▼ -6.08 (-6.2%)
FCCL 33.90 Decreased By ▼ -1.06 (-3.03%)
FFBL 83.50 Decreased By ▼ -2.93 (-3.39%)
FFL 12.60 Decreased By ▼ -1.30 (-9.35%)
HUBC 119.01 Decreased By ▼ -12.56 (-9.55%)
HUMNL 13.50 Decreased By ▼ -0.52 (-3.71%)
KEL 5.20 Decreased By ▼ -0.41 (-7.31%)
KOSM 6.35 Decreased By ▼ -0.92 (-12.65%)
MLCF 42.00 Decreased By ▼ -3.59 (-7.87%)
NBP 59.74 Decreased By ▼ -6.64 (-10%)
OGDC 209.55 Decreased By ▼ -11.21 (-5.08%)
PAEL 36.75 Decreased By ▼ -1.73 (-4.5%)
PIBTL 8.01 Decreased By ▼ -0.90 (-10.1%)
PPL 188.10 Decreased By ▼ -9.78 (-4.94%)
PRL 37.65 Decreased By ▼ -1.38 (-3.54%)
PTC 23.20 Decreased By ▼ -2.27 (-8.91%)
SEARL 97.00 Decreased By ▼ -6.05 (-5.87%)
TELE 8.15 Decreased By ▼ -0.87 (-9.65%)
TOMCL 35.16 Decreased By ▼ -1.25 (-3.43%)
TPLP 13.47 Decreased By ▼ -0.28 (-2.04%)
TREET 22.61 Decreased By ▼ -2.51 (-9.99%)
TRG 52.45 Decreased By ▼ -5.59 (-9.63%)
UNITY 33.16 Decreased By ▼ -0.51 (-1.51%)
WTL 1.48 Decreased By ▼ -0.23 (-13.45%)
BR100 11,349 Decreased By -541.2 (-4.55%)
BR30 34,972 Decreased By -2384.1 (-6.38%)
KSE100 106,275 Decreased By -4795.3 (-4.32%)
KSE30 33,353 Decreased By -1555.7 (-4.46%)

The heads of Japan Post Holdings Co Ltd and two affiliates said on Friday they will resign over the improper sales of insurance policies, after the regulator announced administrative punishments against the companies. Japan Post Holdings said it had picked Hiroya Masuda, a former minister of Internal Affairs and Communications, as successor to current CEO Masatsugu Nagato.

Japan Post Insurance Co Ltd President Mitsuhiko Uehira will be replaced by Tetsuya Senda, deputy president of the company, while Japan Post President Kunio Yokoyama will be taken over by Kazuhide Kinugawa, senior managing executive officer of Japan Post Holdings.

The changes will take effect on Jan. 6, the companies said.

"I accepted this job because I thought I could contribute to the country but I eventually caused troubles. I feel deep sorrow," Nagato said at a press conference, adding that he had considered resigning from August.

Japan's financial regulator earlier in the day ordered Japan Post Insurance and Japan Post to halt sales of insurance products for three months from Jan. 1 through end-March, after they were found to have improperly sold thousands of policies.

The postal service group said this month the number of improper sales cases had reached 12,836, of which 670 involved violations of the law or internal rules.

The two units have set sales goals that lack "feasibility and rationality", the regulator said in a statement, adding there was dysfunction of corporate governance at the group.

The Financial Services Agency also issued a business improvement order to the two units and the parent. Revelations of the misconduct have cast a shadow over the government's plan to sell $10 billion worth of its shares in Japan Post Holdings to pay for reconstruction in areas hit by an earthquake and tsunami in 2011.

Japan Post Insurance said in August it had sold about 183,000 policies over five years through fiscal 2018 that may have been disadvantageous to holders. A committee set up to investigate the matter said last week it had looked over around 82% of those policies and it would submit an additional report in March.

Copyright Reuters, 2019

Comments

Comments are closed.