Friday, September 27, 2013
DJ: Japan FSA Issues Ops Improvement Order To Mizuho Bank
TOKYO--Japan's Financial Services Agency Friday issued a business improvement order to Mizuho Bank Co., citing "numerous transactions with anti-social forces."
The FSA said in a statement that "no substantial steps were taken to prevent/break off transactions with anti-social forces for more than two years after it was ascertained that tie-up loans had been provided to multiple anti-social forces."
While the agency was not more specific about what it means by anti-social forces, the phrase is commonly used in Japan to refer to organized crime syndicates.
The FSA also said it determined that information on the existence of numerous transactions with anti-social forces went no farther than the bank executive in charge.
The agency ordered the unit of Mizuho Group Inc. (8411) to submit a business improvement plan by Oct. 28 and then put this plan into action.
A spokeswoman for Mizuho Bank said the bank takes the order seriously and will make efforts to take preventative measures.