In a concerted action with financial authorities, the Posts and Telecommunications Ministry said July 30 it will suspend its transactions with Nomura Securities Co. and Dai-Ichi Kangyo Bank from Aug. 6 through Dec. 31 as punishment for their illegal dealings with a “sokaiya” racketeer.
The ministry, an operator of massive amounts of postal saving deposits and postal life insurance premiums, said that it will withdraw funds currently entrusted to the two institutions for at least the next five months. Although the ministry would not disclose the respective amounts of funds currently handled by Nomura and Dai-Ichi Kangyo, a ministry official said that postal insurance funds worth 3.45 trillion yen has been invested through 80 private financial institutions.
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