Japan's MUFG Bank to Punish Execs over Customer Asset Thefts

Tokyo, Jan. 16 (Jiji Press)--Japan's MUFG Bank has decided to punish executives including President Junichi Hanzawa for a former employee's alleged massive thefts of customer assets from safe deposit boxes, it was learned on Thursday.

Hanzawa will take a 30 pct cut in monthly pay for three months. The core unit of Mitsubishi UFJ Financial Group Inc. will also reduce the remuneration of other executives including Chairman Naoki Hori.

The bank is seen announcing the punishments soon, along with additional measures to prevent a recurrence.

On Dec. 16 last year, the Financial Services Agency ordered the bank to submit a report on the massive thefts under the banking law.

Yukari Imamura, the suspect, belonged to the Nerima and Tamagawa branches in Tokyo from April 2020 to October 2024. She managed safe deposit boxes by herself.

[Copyright The Jiji Press, Ltd.]