Bank of Japan officials take pay cut after employee accused of stealing from safe deposit boxes
Tokyo (AP) – Executives at Japan’s central bank apologized and took pay cuts on Thursday after police arrested an employee who allegedly stole $1.4 billion ($9 million) worth of valuables from customer deposit boxes.
The heist at two branches of MUFG Bank dates back four years and came to light last October.
The fired employee is believed to have stolen $1.4 billion worth of gold, cash and other valuables from about 60 safe deposit boxes, the bank said.
The bank, one of Japan’s three megabanks, was formed in 2006 through the merger of UFJ Bank and Bank of Tokyo-Mitsubishi.
Tokyo police arrested an employee named Yukari Iwamura, who goes by the alias Yamazaki, on suspicion of stealing 20 gold bars from two customers’ deposit boxes on two separate occasions.
Police said more charges are likely to be filed as the losses reported by the bank are huge. The case is still under investigation.
Executives taking pay cuts include Chairman Naoki Hori, CEO Junichi Hanzawa and CEO Tadashi Yamamoto, who each took a 30 percent cut in three months. Two other executives will receive a 20% discount in three months.
The bank has promised to better monitor the exchange keys of the safe deposit boxes and to strengthen the checks on banking operations. He said his clients were gradually being compensated for their losses.
“We sincerely apologize for the inconvenience this is causing customers and stakeholders,” it said in a statement.
___
