Shoei Utsuda, who is to become the new president of Mitsui & Co. next week, said Thursday he and seven other senior executives will go without part of their pay for three months to take responsibility for a series of scandals that have rocked the major trading house.
Speaking at a news conference, Utsuda said he and Nobuo Ohashi, who will become the new chairman, will forgo 50 percent of their pay, and six other board members will give up 20 percent.
Outgoing President Shinjiro Shimizu, Chairman Shigeji Ueshima and Executive Vice President Jun Tashiro will become advisers, Mitsui said.
Utsuda said the three advisers will not have a hand in Mitsui’s management.
The company reshuffled its top management after it was learned in late August that some employees had allegedly bribed a senior Mongolian government official to secure orders for a power project funded by Japan.
The revelation came on the heels of a scandal earlier this year in which three Mitsui employees were indicted on charges of interfering in bidding for a power generation project funded by Japan on Russian-held Kunashiri Island with the help of a Foreign Ministry official.
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