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8 Oct 2013
Top Japanese banker resigns in organised crime loan scandal
FXstreet.com (London) - Yasuhiro Sato, the president of Mizuho Financial Group has stepped down from a government economic panel after top officials admitted to knowledge that the bank was providing loans to criminal gangs.
Officials had originally stated that the knowledge was limited to compliance officers, but have now admitted that those at the top of the bank were also aware.
Sato has stepped down from Shinzo Abe’s economic advisory panel to take responsibility for the scandal.
Sato told a press conference today that: “We lacked enough awareness about the matter of anti-social forces," referring to organised crime. "We have to criticize ourselves for that."
He told the press conference that an internal investigation this week showed former president Satoru Nishibori was made aware of the loans in 2010. Nishibori, who now serves as an advisor to the bank, has yet to comment.
Officials had originally stated that the knowledge was limited to compliance officers, but have now admitted that those at the top of the bank were also aware.
Sato has stepped down from Shinzo Abe’s economic advisory panel to take responsibility for the scandal.
Sato told a press conference today that: “We lacked enough awareness about the matter of anti-social forces," referring to organised crime. "We have to criticize ourselves for that."
He told the press conference that an internal investigation this week showed former president Satoru Nishibori was made aware of the loans in 2010. Nishibori, who now serves as an advisor to the bank, has yet to comment.