In the aftermath of fraud accusations against Bigmotor, President Giichi Shirakawa of Sompo Japan steps down — acknowledging hasty decision to resume transactions with the car dealer.
Four ex-executives at Vesttoo, alongside employees of China Construction Bank and Standard Chartered, have been implicated in a $3.4bn fraud scheme involving forged letters of credit, according to the...
Bigmotor and Sompo face imminent inspection by Japan's financial watchdog, as part of an investigation into fraudulent claims made by the user-car dealership.
Sources allege that executives at Sompo, including the President, encouraged a continuation of transactions despite concerns surrounding the used car dealer's practices.
Chinese insurers have spent over US$10bn building retirement communities, but new draft rules could see some excluded from the insurance-plus-service sector.
