Bank of Tokyo-Mitsubishi UFJ to resume donations to LDP

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Bank of Tokyo-Mitsubishi UFJ to resume donations to LDP

The Bank of Tokyo-Mitsubishi UFJ (MUFJ) is reportedly to resume donations to the Liberal Democratic Party as early as the end of this year despite the fact that the bank pays no corporate taxes.

Since 1998 when the bank accepted capital injections from public funds to clean up bad loans, it has refrained from giving political donations. However, the Japan Business Federation has requested the bank to resume political donations, as the bank completed last June its repayment of the public money.

The bank made record profits in the six months ending on September 30, but it has not paid corporate taxes since 2002 due to accounting gimmicks.

MUFJ's donation this year is expected to reach 30 million yen. It is believed that Mizuho Bank will follow suit.

MUFJ President Kuroyanagi Nobuo serves as the chairman of the Japanese Bankers Association, and MUFJ Chair Miki Shigemitsu serves as the vice chair of the Japan Business Federation (Nippon Keidanren).
- Akahata, December 11, 2006