Japan: Executives pay the price for unpaid insurance benefits
Date: 22 Oct 2005
Senior executives of life insurance company Meiji Yasuda have resigned to take responsibility for a scandal over the firm's failure to pay insurance claims. Company President Ryotaro Kaneko, Chairman Mikihiko Miyamoto and Deputy President Yukichi Ozawa are to step down, although they claim that they had no knowledge of improperly refused payments.
President Kaneko admitted that payment failures had occurred as a result of a failure of internal mechanisms that were his responsibility.
Investigations have suggested that there have been over 1,000 cases of unpaid insurance benefits, to an amount over 5bn yen, which may have been the result of the company adopting a policy of limiting the number of pay outs.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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