The president of the holding company of the soon-to-be privatized postal system asked the ruling Liberal Democratic Party on Thursday to consider revising the privatization laws to give the firm greater freedom to make acquisitions, LDP officials said.
Yoshifumi Nishikawa, former president of Sumitomo Mitsui Banking Corp., told the meeting of LDP lawmakers the current laws impose constraints on his company's future acquisitions -- acquisitions that are required to make the privatization successful.
He said Germany's postal privatization has been successful thanks to Deutsch Post's freedom to purchase other companies.
The new firm was set up last month to act as a holding company for four postal service firms after privatization, which begins in October 2007.
Nishikawa also questioned the provisions of the privatization laws that allow the holding company to buy back shares in the postal savings and insurance companies within 10 years after their disposal.
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