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Ex-Post Office Head Suspected of Swindling over 1 B. Yen

Ex-Post Office Head Suspected of Swindling over 1 B. Yen

   Tokyo, April 6 (Jiji Press)--A former head of a post office in Nagasaki Prefecture, southwestern Japan, is suspected of defrauding at least 50 people of more than 1 billion yen, Japan Post Co. and Japan Post Bank <7182> said Tuesday.
   The former head in his 60s had been fraudulently obtaining money for more than 24 years since 1996, when he became the head of the Nagasaki Sumiyoshi post office in the city of Nagasaki.
   He offered acquaintances and customers a high-yielding savings service that actually did not exist, according to the two companies.
   In 1996, the nationwide network of post offices was part of the government. It was before the postal privatization process from 2007 in which the Japan Post Holdings Co. <6178> group with separate mail, banking and insurance companies was created.
   The group is striving to restore public trust damaged by sales irregularities for Japan Post Insurance Co.'s <7181> "Kampo" insurance products. The new scandal will dampen the efforts further.

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AFP-JIJI PRESS NEWS JOURNAL


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