Yasuhiro Sato, president of Mizuho Financial Group and one of Japan’s most powerful bankers, has stepped down from a government panel amid a deepening scandal over lending to criminal groups.
Japan’s Financial Services Agency last month ordered Mizuho to improve its business practices, saying the bank had known since 2010 that it had extended more than Y200m in loans to “antisocial forces” – a euphemism for organised crime – via Orient Corp, a consumer credit affiliate.
Mr Sato yesterday said he was “in a position” to know about the problem as early as July 2011, citing materials handed out – but not discussed – during a board meeting he attended.
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