A third-party panel of lawyers has effectively labeled Mizuho Bank¡¯s inaction on its loans to organized crime as a failure of governance ¡ª a grave problem that haunts the megabank more than a decade after its creation through the merger of three financial institutions.
While the Oct. 28 report compiled by the bank-appointed panel denied that Mizuho was engaged in an organized coverup or in collusion with yakuza groups, it pointed to the lack of communication among the bank¡¯s top management and their lax awareness of the seriousness of the mob-loan issue.
Mizuho¡¯s lesson from the latest scandal should be to establish a governance system befitting its size as one of Japan¡¯s top banks.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.