Executives at a prominent Japanese bank have issued apologies and accepted pay cuts following the arrest of an employee for allegedly stealing approximately 1.4 billion yen ($9 million) worth of valuables from customers' safe deposit boxes. The thefts, which occurred at two branches of MUFG Bank, were discovered in October of last year.
The dismissed employee is suspected of pilfering gold, cash, and other valuables from around 60 safe deposit boxes, totaling about 1.4 billion yen, as reported by the bank. MUFG Bank, one of Japan's top three megabanks, was established in 2006 through the merger of UFJ Bank and Bank of Tokyo-Mitsubishi.
The arrested individual, identified as Yukari Iwamura, also known as Yamazaki, was taken into custody by Tokyo police on charges of stealing 20 gold bars from deposit boxes belonging to two customers on separate occasions. Authorities have indicated that additional charges may be forthcoming as the bank's reported losses exceed the current estimate. The investigation into the matter is ongoing.
In response to the incident, several top executives at the bank, including the Chairman, Chief Executive, and Managing Executive Officer, have volunteered to take pay cuts amounting to 30% of their salaries over a three-month period. Two other executives will see a reduction of 20% over the same duration.
MUFG Bank has pledged to enhance its oversight of spare keys for safe deposit boxes and bolster monitoring of bank operations. The institution has also begun compensating affected customers for their losses. In a formal statement, the bank expressed deep regret for the distress and unease caused to customers and stakeholders by the situation.
