Prudential Life Insurance, a major foreign insurance company, has established an independent investigative committee following a fraud scandal involving several employees who allegedly swindled about 3.1 billion yen from customers. The company initially denied the need for a third-party investigation, but reversed this decision, emphasizing the necessity of objectivity to prevent recurrence. The committee comprises four lawyers and is led by Shūji Iwamura, a former high-ranking prosecutor. Efforts will focus on examining the company’s internal investigation and identifying governance failures. President Hiroyuki Tokumaru apologized during a press conference, acknowledging the serious nature of the misconducts. The company plans to fully compensate affected customers, even before an external compensation review is concluded. Approximately 300 compensation requests have been filed, with a suspension of new contracts for 90 days amid concerns about the adequacy of current preventive measures. The financial implications of these actions are estimated between $300 million to $350 million.