Japan Bank Executives Slash Pay After Employee Allegedly Steals from Safe Deposit Boxes

On Friday, executives at a major Japanese bank reduced their salaries and apologized for thefts after a staffer had been arrested by the police on suspicion that he stole valuables worth around 1.4 billion Japanese Yuen (nine million US dollars) from safe deposit boxes.

 

In October, MUFG Bank discovered that thefts had occurred at two branches over four years.

 

The bank believes that the employee who was fired stole gold, cash, and other valuables valued at about 1.4 billion Japanese Yen, from 60 safe deposit boxes.

 

In 2006, Bank of Tokyo Mitsubishi merged UFJ Bank with Bank of Tokyo to form one of Japan’s biggest banks.

 

 

Tokyo Police identified Yukari Yamazaki, also known as Yukari. The employee was arrested on Tuesday for allegedly stealing two 20-bar gold bars from different deposit boxes.

 

The investigation continues.

 

Among the executives who received pay cuts were Chairman Naoki Hori, Chief Executive Junichi Hanzawa, and Managing Director Tadashi Yamamoto. Each executive received a 30% cut in pay spread out over three months.

 

The bank has announced that they will be compensating customers for their losses in a gradual manner.

 

In a press release, the company said: “We apologize to our customers and stakeholders for any inconveniences that may have been caused by this.”