A second Japanese unit of Prudential Financial is reportedly under scrutiny for multiple alleged misconduct cases involving former employees. Nikkei Asia reports that dozens of instances of suspected mishandling of customer funds have surfaced at Gibraltar Life Insurance.
This development follows a similar scandal in March concerning Prudential's Japanese life insurance subsidiary, where employees allegedly improperly removed and shared operational data. Some of the current Gibraltar cases are reportedly similar to a January scandal involving fictitious investments and misappropriation.
Officials state that the Gibraltar incidents are currently suspected and unconfirmed. A compensation committee will review each case to determine the necessity and amount of any restitution.