Japan lender receives business improvement order following cover-up

The Tohoku Local Finance Bureau has issued a business improvement order to Iwaki Shinkumi Bank after uncovering decades of fraudulent practices involving former executives, including embezzlement by a key employee. The bank improperly influenced funds through depositors' accounts and used public funds in 2012 for its operations. As part of the measures, the bank's leader is set to resign, though they previously admitted to misconduct. The government is also seeking a business improvement plan from the lender.