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Mizuho FG to set up oversight committees after loan scandal

Mizuho Financial Group Inc. said Friday it will set up independent committees to oversee its management in an effort to enhance corporate governance following its core banking unit's involvement in loans to gangsters. The major financial group and its banking arm, Mizuho Bank, submitted a business improvement plan to the Financial Services Agency, pledging to enhance risk management and compliance.

Mizuho FG to set up oversight committees after loan scandal

Mizuho Financial Group Inc. said Friday it will set up independent committees to oversee its management in an effort to enhance corporate governance following its core banking unit's involvement in loans to gangsters. The major financial group and its banking arm, Mizuho Bank, submitted a business improvement plan to the Financial Services Agency, pledging to enhance risk management and compliance.

Mizuho Financial Group chairman to resign over loan scandal

Mizuho Financial Group Inc. said Thursday that Chairman Takashi Tsukamoto will step down from his post on March 31 to take responsibility for its core banking unit's loans to members of organized crime groups. Mizuho Bank President Yasuhiro Sato will also take a self-imposed salary cut for one year as Japan's Financial Services Agency ordered the megabank to suspend some of its affiliated loans between Jan. 20 and Feb. 19 over the lender's involvement in transactions with "antisocial forces," it said.

Yakuza-linked Mizuho bank ordered to suspend loan business

Japan's financial watchdog on Thursday ordered Mizuho, one of the country's biggest banks, to suspend part of its loan business as additional punishment for its links to organised crime. The bank's parent company, Mizuho Financial Group, said its chairman Takashi Tsukamoto would step down from his post on March 31 to take responsibility for the scandal. The Financial Services Agency (FSA) said it issued the order to stop Mizuho Bank from extending new loans through its affiliated credit company for one month from January 20.

FSA orders Mizuho Bank to suspend tie-up loans

The Financial Services Agency said Thursday it has ordered Mizuho Bank to suspend some of its affiliated loans for a month over the lender's involvement in transactions with members of organized crime groups. The financial watchdog also ordered the bank's parent Mizuho Financial Group Inc. to improve its business as it failed to fulfill its responsibility for management over the bank.

Japan mob-linked bank faces more punitive action

Japan's financial watchdog will order Mizuho, one of the country's biggest banks, to suspend part of its loan business as additional punishment for its links to organised crime, reports said Wednesday. The order, expected to be issued by the Financial Services Agency (FSA) on Thursday, will stop Mizuho Bank from extending new loans through its affiliated credit company for one month, the Jiji and Kyodo news agencies said. The agency will also issue business improvement orders to Mizuho's parent firm the Mizuho Financial Group, the reports said.

Orient president to forgo pay for 6 months over loan scandal

Orient Corp. said Friday its president and chairman will forgo their pay for six months in connection with shady loans extended to members of organized crime groups by Mizuho Bank via the consumer credit company. "I deeply apologize for upsetting the public," President Masayuki Saito said at a news conference as he announced the penalties imposed on him and Chairman Yoshimasa Nishida.

Japan parliament grills banking officials over mob loans

Japanese lawmakers on Wednesday questioned the head of one of the country's biggest banks over a mob loans scandal, as another major lender admitted it may have been involved in dealings with gangsters. Mizuho Financial Group president Yasuhiro Sato apologised for his firm's role in the widening scandal as lawmakers questioned him about Mizuho's surveillance and his future at the bank, after he earlier refused to step down.

Japan parliament grills banking officials over mob loans

Japanese lawmakers on Wednesday grilled the head of one of the country's biggest banks over a mob loans scandal, as another major lender admitted it may have been involved in shady dealings with gangsters. Mizuho Financial Group President Yasuhiro Sato apologised for his firm's role in the widening scandal as lawmakers questioned him about Mizuho's surveillance and his future at the bank, after he earlier refused to step down.

Mizuho Bank chief apologizes over shady loans at Diet

Mizuho Bank President Yasuhiro Sato apologized in parliament Wednesday over a scandal involving loans to organized crime groups, admitting that the Japanese megabank failed to take basic actions and left the issue unattended for more than two years. Aside from the tie-up loans it extended through group consumer credit company Orient Corp., the bank itself also has transactions with gangsters, Sato also revealed without elaborating, while stating that his bank has reported all such cases to the Financial Services Agency.
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