June 30, 2020 / 8:09 AM / 5 days ago

Japan Post to punish some 2,400 employees over improper insurance sales

June 30 (Reuters) - Japan Post Holdings Co said on Tuesday that it was punishing some 2,400 employees over improper sales of insurance policies as it looks to restore trust after an incident that led to it being banned from selling insurance for months.

The company said the employees received various punishments, including nearly 1,000 who were suspended for periods of one to 6 months and others suspended for several weeks.

“We will all work hard to restore trust in our company and deeply apologise for causing trouble,” the company said in a statement.

In January, the conglomerate said it expected to deal with 220,000 more cases of improper sales of its policies, affecting about 60,000 people, after announcing more than 10,000 improper sales in late 2019.

Japan’s financial regulator banned Japan Post from selling insurance from January until the end of March.

Reporting by Elaine Lies; editing by Jason Neely

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