August 8, 1991 |
Three big U.S. investment funds plan to slap a multimillion-dollar lawsuit on the Japanese brokerages that covered the trading losses of their local clients, a lawyer for the funds said Wednesday. They plan to file the suit in the United States against the firms and their U.S. subsidiaries, said attorney Charles Stevens, senior partner in the East Asian offices of U.S. law firm Coudert Bros. He did not identify the U.S. funds in the action or in what court the suit would be filed.
September 2, 1991 |
While Japanese securities companies are being publicly flogged for their role in the slew of scandals that have surfaced this summer, American and European brokers are quietly boosting their market share here. In the last two months, foreign brokers handled more than 18% of all trades made on the Tokyo Stock Exchange, up from about 10% at the beginning of the year. The increase is partly a statistical quirk.
October 3, 1991 |
Japanese Finance Minister Ryutaro Hashimoto tendered his resignation to Prime Minister Toshiki Kaifu today to take responsibility for the government's failure to supervise the securities industry effectively. Hashimoto was asked to stay on until after International Monetary Fund and other meetings in Bangkok this month, Japan's NHK television said.
July 30, 1991 |
In what they said was an effort to "win back trust," Japan's big brokerages agreed Monday to release a list of customers who received compensation for stock market losses. The presidents of the "Big Four" brokerages jointly decided to formally release the names after the list was published in the Nihon Keizai Shimbun, Japan's leading business daily, and government officials called for disclosures. Some of Japan's biggest manufacturing companies, including Toyota Motor Corp., Nissan Motor Co.
October 9, 1991 |
Japan's government punished Nomura Securities Co. on Tuesday for excessive promotion of a particular stock, ordering the world's largest brokerage to suspend some trading activities for up to six weeks. The Finance Ministry also told Nomura and Japan's next three largest brokerages to halt stock trading in their corporate divisions temporarily for compensating favored clients for stock market losses in the last fiscal year.
July 9, 1991 |
In spite of earlier threats to crack down on brokerages after widespread scandals in the industry, Japan's Ministry of Finance announced Monday a series of measures that observers say amount to little more than a light slap on the wrist.
September 13, 1991 |
The World Bank has removed two top Japanese securities firms from a billion-dollar bond underwriting group, and a newspaper reported that they were penalized because of their ties to gangsters. Nomura Securities Co., the world's largest brokerage, and Nikko Securities said they will seek to be readmitted to the group. The two companies, which have admitted dealing with a former underworld boss, were at the center of a scandal involving compensating favored clients for stock market losses.
July 6, 1991 |
Japan's stock market scandal took another surprising turn Friday as a public feud erupted between the powerful Ministry of Finance and the former head of the world's largest securities firm over the questions: What did the regulators know, and how much did they approve? Ryutaro Hashimoto, the finance minister, emerged from a Cabinet meeting Friday morning and angrily condemned as "inaccurate" statements made by Yoshihisa Tabuchi, the former president of Nomura Securities Co.
July 13, 1991 |
A Japanese transport company alleged to have links to gangsters has removed its president and managing director, the firm's new president said Friday. "We learned about such affairs after reading the press. We were surprised and are currently investigating," said Seisho Minatogawa, the new president of Tokyo Sagawakyubin Co.