TOKYO — Japan’s largest financial institution has issued an apology following accusations that an employee allegedly stole over 1 billion yen (approximately $6.6 million) from safe deposit boxes belonging to customers.
The bank, officially known as Mitsubishi UFJ Financial Group, Inc., announced on Monday that it is currently conducting an investigation into the matter. So far, verified thefts from around 20 of the estimated 60 clients affected have amounted to approximately 300 million yen (close to $2 million). The bank indicated that it is working on a compensation plan for those impacted.
Reports indicate that the thefts took place across two branches in Tokyo, beginning in April of 2020 and continuing until the issue was discovered at the end of October this year.
According to the bank’s president and CEO, Junichi Hanzawa, the female employee responsible for the management of the safe deposit boxes and their respective keys is believed to have exploited her role to misappropriate cash and other valuables.
“This incident has severely damaged our customers’ trust and confidence, impacting the very essence of our banking operations,” Hanzawa stated while addressing the media. He expressed regret for the distress and inconvenience caused to MUFG’s clientele.
The bank revealed that the employee in question confessed to the theft and used the stolen funds for personal investments and other purposes. Although she has been dismissed from her position, she is currently cooperating with both the bank’s internal inquiry and the police investigation, though legal action has yet to be initiated against her.
After details of the theft emerged, a number of additional clients have stepped forward, claiming they may have also experienced losses, and the bank is in the process of validating these allegations.
This incident at MUFG marks the second occurrence of wrongdoing within a significant Japanese banking entity in recent weeks. In November, Nomura Holdings disclosed that a former employee had been apprehended on charges of robbery, attempted murder, and arson related to a client in Hiroshima.
Commenting on the MUFG thefts, the chief government spokesperson emphasized that trust and a commitment to public service are vital components of banking operations.
Chief Cabinet Secretary Yoshimasa Hayashi expressed his sorrow over the situation, labeling it as “extremely regrettable.”