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mega Japanese banks are in trouble mega yakuza What started as a small scandal at Mizuho Bank has turned into a forest fire revelations and speculations on Japanese financial institutions that do business with the Japanese mafia Agency FSA Financial Services is conducting an urgent inspection of Japan's three largest lenders, including Mitsubishi UFJ Financial Group seeking loans yakuza or other antisocial force Meanwhile, Mizuho Bank is facing investigations by the police Department Tokyo metropolitan on charges of violation of banking laws of Japan A diet group convened Mizuho Bank President Yasuhiro Sato to appear before them on Wednesday; he would face a very grill.
In Japan, the yakuza engage in illegal activities covering the whole range of drugs, prostitution, loan sharking, gambling, racketeering and white-collar crime, often carried out by companies before recent years, taking loans to small companies and their failure was a niche operation to make money luminous thugs There are currently 63,000 yakuza in Japan, divided into 21 groups each with their own yakuza offices, business cards and company logos groups are not illegal; they are subject to regulation Yakuza have always been tolerated by the government, with periodic crackdowns when they appeared to amass too much power or wealth since 2009, the authorities, led by the Agency of the national police, strongly cracked the yakuza stop for any minor infraction of the law, however, has been banned from doing business with organized crime throughout Japan since 1 October 2011.
The current debacle began on 27 September, when the FSA Financial Services Agency issued a business improvement Mizuho approximately Bank, the third largest bank in Japan, and ordered them to stop lending money to yakuza the FSA has begun a bank's routine inspection in December 2012 and discovered that Mizuho had 230 transactions with organized crime related entities, for a total of 200 million yen 2 million most transactions were as auto loans purchased through its subsidiary Orient Corporation.
This is not the first time banks in Japan have been sanctioned by the FSA to engage in transactions with the underworld Citibank Japan lost its private banking license in 2004 due to having many yakuza customers high rank with the accounts; he again was disciplined in 2009 for similar problems.
Mizuho Bank also has a long history of dealing with the Yakuza.
In 1997, police arrested executives of the Bank Daichi Kangyo the predecessor of Mizuho Bank, to repay a yakuza supported racketeers.
In 2006, a Compliance Officer at Mizuho Bank was arrested for selling the data of 1,200 bank customers to a company before yakuza.
According to the book, Money Underground Takashi Arimori in 2007, the FSA warned Mizuho to stop lending money to the yakuza affiliates, as a property developer listed the Tokyo Stock Exchange, Suruga Suruga Corporation was then removed from the list after police investigation revealed that he paid more than 100 million to a company before yakuza to evict tenants from properties they wished to acquire the board of directors of Suruga included a former senior official of the Agency for national Police Division the fight against organized crime and a former prosecutor.
Mizuho past involvement with so-called anti-social forces and lack of determination in cutting ties was known by regulators for some time, it is part of the reason why the FSA has given them equivalent to a very public spanking.
The FSA determined that Mizuho Bank executives were aware of yakuza loans as early as December 2010, but did nothing about them, nor other detained loans The reasons are not yet clear.
At a press conference on October 4, the Mizuho officials said that senior managers did not know the problem loans and only a compliance framework was aware of loans However, October 8, Mizuho reversed previous statements and admitted that executives had indeed been the loop the whole time.
On November 7, the shareholders have filed criminal charges against the leadership accusing them of hiding the FSA reports and interfering with the inspections, which is a violation of banking laws.
To date, there have been no arrests in the scandal.
The Tokyo Metropolitan Police investigating loans to see if one of them can be transformed into criminal cases if the loan agreements included an organized crime exclusionary clause all yakuza who lied about their status could be arrested for fraud Yet many of these transactions seem to have been perfectly legal Surprisingly, a number of gangsters who received loans were highly visible figures who could be identified by simply flipping one of several fanzines yakuza who are openly sold in bookstores.
Police investigators say most of the loans were actually used to buy cars, especially expensive foreign cars such as Mercedes Benz or Japanese cars upscale as the Toyota Lexus Police explain, is like his face a car No yakuza boss of any statute is going to drive a family car Honda around a luxury car is the status one Tokyo yakuza underboss, said on bottom, everybody knows who I am when I took the loan, it was legal you can not apply retroactively Mizuho law wants me to pay the balance immediately no way they can take me to court.
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However, some of the cars purchased with the loans were immediately sold on the same day, loans mainly remained unpaid, indicating that part of the money lent was used to create income for organized crime.
There is a saying in Japanese 一 罰 百 戒 Ichibatsu Hyakkai punishment works as well as laws percent; it is a principle that seems to be judiciously applied in case Mizuho The business improvement order on September 27, was released just days before the second anniversary of crime control orders being organized throughout the country in October 1st 2011 calendar was probably not a coincidence.
The scandal has already had an effect rippling through the world of Japanese business Shinsei Bank came before 31 October and admitted to the operations of criminal groups The Life Insurance Association of Japan plans to use the Agency database national police to prevent insurers to take the yakuza customers or do business with them Japanese bankers JBA Association and the Securities Dealers Association of Japan JSDA also plan to strengthen ties with the police to keep yakuza financial markets Ironically this year, the chosen JSDA Mizuho Financial Group, the parent company of Mizuho Bank as a company excelling in the disclosure Mizuho FG announced October 7 that they would not accept the award.
Police and regulators benefit from the attention given to scandal Mizuho to advance their crackdown against organized crime Although providing earnings yakuza is now illegal, many companies in Japan are still suspected to pay to continue run a business smoothly or raise even more revenue Allegedly, some large companies now pay money to the yakuza by donations to mob extreme right groups supported by banks may be just the tip of the 'iceberg.
An FSA investigator speaking on background about ongoing investigations said, We have been accused of being too harsh with Mizuho Bank, but they're just the first line The improvement order was designed to make a point and if Shinsei is any example, the financial world gets certainly there will be more illegal transactions short, you can count on it.
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