In light of the bribery scandal involving the Bank of Tokyo-Mitsubishi, the bank said April 16 it will cut by 20 percent the salaries of Chairman Tasuku Takagaki and President Satoru Kishi for a period of three months.
The salaries of three other executives will be reduced by 10 percent for periods ranging from one to three months. The pay cuts are being implemented on the three because they were in a position to supervise an employee who, according to prosecutors, offered 1.4 million yen in lavish entertainment to a Finance Ministry bank inspector in exchange for classified information.
The bank reprimanded this employee and warned three others, including his close supervisors, it said. The employee, who was a "MOF-tan" designated to regularly contact the Ministry of Finance, has been given a summary indictment and ordered to pay a 400,000 yen fine.