Ex-Mitsui man banned by FSA
CITY watchdog the FSA yesterday fined the European arm of one of Japan’s biggest insurers £3.3m for serious corporate governance failings.
The former executive chairman, Yohichi Kumagai, who ran Mitsui Sumitomo Insurance’s London arm, was also banned from working in the City of London and personally fined £119,303.
The company breached three of the watchdog’s principles for business, including failing to take reasonable care to organise and control Mitsui’s European operations responsibly.