Market Chatter: Sony Life Launches Probes Over Alleged Customer Fraud Cases

MT Newswires Live04-23 09:36

Sony Group's (TYO:6758) insurance arm, Sony Life Insurance, is investigating roughly 20 to 30 instances of alleged financial misconduct committed against its customers, Nikkei Asia reported on Thursday.

The insurer plans to launch a comprehensive internal probe, while Japan's Financial Services Agency is considering ordering the company to submit a formal report on the matter, the news agency said.

In January, Sony Life had already disclosed that a former employee misappropriated customer funds that had been entrusted for investment purposes, the publication said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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