Bank of Japan says it paid 73 mln yen excessive staff travel expenses over 7 yrs

TOKYO (XFN-ASIA) - The Bank of Japan admitted that it paid out an excess of 73 mln yen in travel expenses to its staff over the actual costs incurred by them for business trips over the past seven years.

The central bank, which is working to regain public trust after its governor's private investment scandal, said it has normally paid travel expenses, such as airfare, in advance based on the cost of regular tickets.

But many officials bought discount tickets and kept the difference because the bank did not ask for receipts, the central bank said in an internal investigation report, released after numerous media leaks.

The bank said it has reprimanded and issued warnings to 41 officials, along with an unspecified number of officials who were talked to by supervisors.

'The bank will order the affected officials to return excessive payments,' the Bank of Japan report said.

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