June 28, 2011
A shareholder of the Dai-ichi Mutual Life Insurance Co. (Dai-ichi Seimei) on June 27 filed a lawsuit with the Tokyo District Court against President Watanabe Koichiro for causing damage to company operations because of repeated political machinations.
This is the first shareholder representative action focusing on the illegality of the leading life insurer’s involvement in political influence peddling.
According to the claim, President Watanabe has provided political donations to 28 lawmakers of the Democratic and Liberal Democratic parties who are cooperative with the insurance industry since he became a board member in June 2007. He neglected his primary duty by going around Japan giving support to these politicians in the August 2009 general election.
The shareholder asserts that this resulted in inflicting losses on the company, and is demanding 42.2 million yen in compensation.
Dai-ichi Seimei under the initiative of President Watanabe gives Dietmembers a rating for their collaborative attitude towards the company. A higher rating translates to more assistance in money and manpower.
In exchange for the monetary support, it is reported that some legislators in the Diet spoke favorable of Dai-ichi Seimei in regard to its nonpayment of insurance benefits.
This is the first shareholder representative action focusing on the illegality of the leading life insurer’s involvement in political influence peddling.
According to the claim, President Watanabe has provided political donations to 28 lawmakers of the Democratic and Liberal Democratic parties who are cooperative with the insurance industry since he became a board member in June 2007. He neglected his primary duty by going around Japan giving support to these politicians in the August 2009 general election.
The shareholder asserts that this resulted in inflicting losses on the company, and is demanding 42.2 million yen in compensation.
Dai-ichi Seimei under the initiative of President Watanabe gives Dietmembers a rating for their collaborative attitude towards the company. A higher rating translates to more assistance in money and manpower.
In exchange for the monetary support, it is reported that some legislators in the Diet spoke favorable of Dai-ichi Seimei in regard to its nonpayment of insurance benefits.
