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OLC Revises Contract Business Policies
May 25th, 2005
URAYASU, CHIBA - Oriental Land Co., Ltd. announced today its policies on contracted business from this point on, and its compliance committee has informed all the employees of Oriental Land Co. and its group companies.
Following up on our statement released on May 20, we deeply apologize for the wide agitation caused by the fact that we had renewed a companyfs contract based mainly on its business performance and the appropriateness of its fee which does not comply with our current business standards. In addition, for the incident that caused the public to doubt us, we would like to apologize to everyone concerned for causing them much unease.
- Investigation of Current Contracted Companies
From now on, we will investigate all of our contracted companies to confirm that they are in compliance with proper business practices.
- Reinforcing Business Guidelines
From this point on, we will reinforce our business guidelines as follows. Whenever a new contracted company will be selected, estimates will be taken from multiple companies and a stricter investigation of the price will be conducted. Also, the trustworthiness, stability, and professional ability of the prospective companies will be thoroughly examined. At the same time, for companies that we will be renewing contracts with, we will conduct examinations on a regular basis. All our employees will strive to follow these reinforced guidelines.
Hereafter, by reinforcing and carrying out the above policies and by strengthening the awareness of our compliance policies among all employees of Oriental Land Co. and our group companies, we hope to prevent any recurrence of this incident. We are strongly determined to regain public trust in this way.
-- Source: Oriental Land Company press release