SMBC Nikko's investigation panel calls trading scandal "unfair act"

Economy Society

SMBC Nikko Securities Inc. said Friday an investigation panel looking into the major Japanese brokerage's market manipulation scandal has called it an "inappropriate and unfair act," adding the incident was not prevented because of a failure in its corporate governance system. In a report handed to the brokerage firm on Friday, the panel said SMBC Nikko employees lacked a sense of social norms that could have prevented the scandal, which led to the indictment of the company's former deputy president and five others. The scandal involved transactions called "block offerings," which sees a broke...

Kyodo News

Kyodo News Society