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TOKYO (Reuters) - The active of Japan Post Holdings Co Ltd (6178.T) and two affiliates said on Friday they will abandon over the abnormal sales of allowance policies, afterwards the regulator appear authoritative punishments adjoin the companies.

FILE PHOTO: A man captivation an awning is reflected in the logo of Japan Post Accumulation at its address in Tokyo February 18, 2015. REUTERS/Yuya Shino/File Photo

Japan Post Holdings said it had best Hiroya Masuda, a above abbot of Centralized Affairs and Communications, as almsman to accustomed CEO Masatsugu Nagato.

Japan Post Allowance Co Ltd (7181.T) Admiral Mitsuhiko Uehira will be replaced by Tetsuya Senda, agent admiral of the company, while Japan Post Admiral Kunio Yokoyama will be taken over by Kazuhide Kinugawa, chief managing controlling administrator of Japan Post Holdings.

The changes will booty aftereffect on Jan. 6, the companies said.

“I accustomed this job because I anticipation I could accord to the country but I eventually acquired troubles. I feel abysmal sorrow,” Nagato said at a columnist conference, abacus that he had advised resigning from August.

Japan’s banking regulator beforehand in the day ordered Japan Post Allowance and Japan Post to arrest sales of allowance articles for three months from Jan. 1 through end-March, afterwards they were begin to accept break awash bags of policies.

The postal account accumulation said this ages the cardinal of abnormal sales cases had accomplished 12,836, of which 670 complex violations of the law or centralized rules.

The two units accept set sales goals that abridgement “feasibility and rationality”, the regulator said in a statement, abacus there was dysfunction of accumulated babyminding at the group.

The Banking Services Agency additionally issued a business advance adjustment to the two units and the parent.

Revelations of the delinquency accept casting a adumbration over the government’s plan to advertise $10 billion account of its shares in Japan Post Holdings to pay for about-face in areas hit by an convulsion and tsunami in 2011.

Japan Post Allowance said in August it had awash about 183,000 behavior over bristles years through budgetary 2018 that may accept been adverse to holders.

A board set up to investigate the amount said aftermost anniversary it had looked over about 82% of those behavior and it would abide an added address in March.

The three companies accept said some of the cases that fell abhorrent of the law complex apocryphal explanations provided to clients.

Reporting by Takashi Umekawa; Editing by Himani Sarkar and Louise Heavens

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