Trucking company president Masazumi Ando said he was furious when he saw the head of an investment firm that lost $1.3 billion in pension money bow in apology at a parliamentary hearing last week.
"This is nothing but a fraud," said Ando, whose 300 employees belong to a trucking-sector pension plan with $120 million in retirement savings that may now be gone for good.
Ando's sentiment may be widely shared amid the fallout from Japan's latest financial scandal, which has shaken trust in cherished private pension plans seen as crucial for millions in a country with a rapidly ageing population. (AFP)
↧