Japanese Finance Minister Taro Aso to Consider Penalty against Mizuho Financial Group


Japanese Finance Minister Taro Aso to Consider Penalty against Mizuho Financial

Japanese Finance Minister, Taro Aso revealed on Monday that he would think of imposing fine against Mizuho Financial Group (8411. T). The fine would be imposed because of loans-to-mobsters scandal. The decision would be taken after closely studying a report issued by an outside panel earlier this day.

Mizuho has been censured after being warned by the supervisors last month. The warning given to him was related to the failure in terminating loans to members of organized crime syndicates for over two years.

Mizuho appointed external panel of lawyers and after receiving a report from them, Aso talked with the reporters.

As per the report, Japan's second-biggest bank by possessions did not deliberately cover up the shady lending.

On Monday, Mizuho Financial Group told that the chairman that it's banking business along with two other top supervisors will quit over the failure of Japanese leader to clamp down on loans.

Senior Mizuho executive ignored to clean up the loans after finding out about them in early 2011. Mizuho's management became anxious with ATM malfunctions caused because of an influx of donations for victims of the 2011 tsunami disaster.

In a governance report issued on July 1, Mizuho summarized a code of conduct that renounces any pressure or relations with "anti-social elements."

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