business

Japan Post admits to mis-selling 180,000 insurance policies

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Japan Post Holdings Co said Wednesday it mis-sold around 183,000 insurance policies to customers over the past five years, double the number previously announced.

Cute way of trying to avoid saying ILLEGALLY! I would keep searching, bet there are hell of a lot more!

11 ( +11 / -0 )

"I feel heartbroken that this has resulted in a huge loss of trust in the post office. I offer my deepest apologies," Japan Post Holdings President and CEO Masatsugu Nagato said at a press conference Wednesday.

But, but, but, you are not so sorry as to resign in disgrace for this happening on YOUR watch!

I guess the "top" taking responsibility for the underlings mistakes is becoming a thing of the past here! Now it's like "I have to stay to make sure that the same crap happens again! Just next time, the public won't find out about it!" And then fire some low level manager who was just following his orders!

10 ( +10 / -0 )

Japan Post admits to mis-selling 180,000 insurance policies

It is fraud and how come no one got indicted yet?

What if foreign insurance company the same thing in Japan, it will be all over news while their executives facing trial.

12 ( +13 / -1 )

Mis-selling? Is that even a word? Then, it becomes, "Questionable sales practices". Just call it was it is. It is corporate fraud to meet sales quotas and to rip people off! It's just another case on the long list of unscrupulous and fraudulent Japanese companies ripping people off. And, there will be no criminal charges laid because the CEO has publicly apologised. - Japanese business ethics 101: Don't get caught!

12 ( +13 / -1 )

Mis-selling insurance? You mean fraudulently selling insurance. All in the name of trying to meet a ridiculously unachievable quota set by upper management.

9 ( +9 / -0 )

who would buy insurance from a post office??

-2 ( +1 / -3 )

This is nothing more than theft. Japan Post has committed fraud against its own customers, 183,000 of them. Is there any organization in this country which isn't engaged in robbery, fraud, corruption and price-fixing?

10 ( +10 / -0 )

Mishandled, fraud yet no one is in Detention prosecutors must be waiting for a super secret report, they can't legally arrest anyone unless given a clear and spurious guideline Japan justice at its finest.

6 ( +7 / -1 )

Name it all you want, this is just plain fraud.

Are there any honest/trustworthy companies left in Japan because I have lost track.

6 ( +6 / -0 )

Mis-selling. Just a big misunderstanding, that's all. These giant companies only care when news like this leaks and then come the fake apologies. Meanwhile pre disaster-gate, you can guarantee any of these 180,000 customers who called or visited to complain were told "sorry, too bad, nothing can be done, etc."

7 ( +7 / -0 )

Nagato said he was not aware of any cases of unlawful practice when the group sold shares of its insurance unit earlier this year.

Since when has that been a legal defense? Where are those tireless JP prosecutors now?!

7 ( +7 / -0 )

Lolololololololololoololololololol

The spins are mind boggling but not surprising in a country that pretends to have any semblance of responsibility and accountability. No surprises at all.

Where are those tireless JP prosecutors now?!

Lolololololololololoololololololol

9 ( +9 / -0 )

"I feel heartbroken that this has resulted in a huge loss of trust in the post office. I offer my deepest apologies," Japan Post Holdings President and CEO Masatsugu Nagato said at a press conference Wednesday.

So will we be seeing Nagato san other big wigs dramatically arrested and driven off to a detention centre for non stop interrogation over the next few months ?....or is that reserved only for foreign CEO,s?......argh, why bother..

7 ( +8 / -1 )

My son's HS friend's father works for the post office. We still socialize. The other day, he dropped by seeming a bit agitated - turns out he came to make a sales pitch for earthquake insurance.

I used to work in sales, and etiquette demands you never pitch to friends. The pressure there is enormous.

7 ( +7 / -0 )

Another example of what happens with privatization of government/quasi-government organizations and services.

2 ( +2 / -0 )

I have had a Kanpo insurance policy in the past. There were no problems with it whatsoever. But it was purchased back before there was so much pressure on the salespeople.

The quota system should be dropped and those who engaged in fraud or pressured others to should be prosecuted.

2 ( +2 / -0 )

All comments above are great, right on. Of course Nagato is not to be believed or trusted, as are all those who mistakenly helped him not see the fraud. We're seeing more breakdown in this once proud, upright culture. How sorrowful. We what dignity can they stand before other nations and claim moral superiority when to their own people they play dirty?

1 ( +2 / -1 )

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