Sanwa Bank said April 8 it will cut the salaries of five executives and senior managers, including Chairman Hiroshi Watanabe and President Naotaka Saeki, by 20 percent to 30 percent for three months in connection with the bank’s alleged bribery of Finance Ministry officials, it said.

The five were penalized for their roles in supervising three employees, who wined and dined ministry officials in exchange for confidential information and other favors. The bank reprimanded the three employees the same day.

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