December 2, 1997 |
Corporate racketeer Ryuichi Koike pleaded guilty to extorting tens of millions of dollars from Japan's top financial institutions. On the opening day of his trial in a Tokyo court, Koike admitted receiving payoffs from Big Four brokerages Nomura, Nikko, Daiwa and the now-closed Yamaichi Securities, as well as from leading commercial bank Dai-Ichi Kangyo. Koike, 54, admitted in court that he had demanded compensation and received cash from the institutions.
July 1, 1997 |
Three more Japanese brokerages were accused Monday of making payoffs to a racketeer charged with blackmailing Nomura Securities Co. The lawyer for the reputed racketeer, Ryuichi Koike, 54, said his client's brother, Yoshinori, told him that Daiwa Securities Co., Nikko Securities Co. and Yamaichi Securities Co. had made the illegal payments. Both Koike brothers are under arrest. Spokesmen for the three Tokyo-based securities firms declined to comment.
July 30, 1997 |
Some 100 investigators raided the offices of Yamaichi Securities Co. today as a scandal over payoffs to a corporate racketeer widened to implicate Japan's fourth-largest brokerage. Reports of the raid sent Japan's main stock index tumbling by as much as 0.5%. Brokerage shares fell 2.5% and Yamaichi fell by as much as 26 yen, or 8.6%, to 275. "People don't want to touch financials--including brokerages," said Isao Takahashi, director of Japanese equities at HSBC James Capel Japan Ltd.
January 2, 1998 |
Japanese Prime Minister Ryutaro Hashimoto made a New Year's pledge to put the country's faltering economy back on track, stabilize its financial system and prevent Japan from triggering a global economic crisis. In a New Year's address to the nation, Hashimoto urged the nation's 123 million people not to worry about the future of Japan's economy.
August 15, 1997 |
A Yamaichi Securities Co. executive was stabbed to death, and police were investigating whether the killing may be linked to a payoff scandal involving a racketeer. Koichiro Tarutani, 57, was manager of customer relations at Japan's fourth-largest brokerage, which recently pledged to sever ties with organized crime. The stabbing came three days after the resignation of Yamaichi's chairman, president and nine other executives as they took responsibility for the payoffs.
September 17, 1997 |
Japan's securities watchdog said it's seeking an indictment against Yamaichi Securities Co. and five former Yamaichi directors in connection with illegal payments to a corporate racketeer. The Securities and Exchange Surveillance Commission, which regulates the securities industry, also said it's seeking an indictment against Ryuichi Koike, the racketeer. Koike is already charged with extorting $3.1 million from Nomura Securities Co.
September 21, 1991 |
Japan's Big Four brokerages said Friday that they would introduce voluntary reforms after the industry's massive scandal. The reforms, unveiled at a managers meeting, were aimed at such practices as the compensation of favored investors for their losses and business links with gangsters, which drew government sanctions and have angered the general public.
December 8, 1987 |
The big four Japanese stockbrokerages--whose overseas employment soared 35% this year--say foreign expansion is now likely to slow due to investors' diminished stock appetites since the October crash. "Investors' attitudes worldwide to securities overall appear to have cooled and the market for corporate bond issues is also worsening," an official of one of the firms said Monday.
December 26, 1996 |
Japanese stocks fell today amid concern the government's new budget fails to provide a needed boost to the economy, which could eventually crimp corporate profit growth. Bank of Tokyo-Mitsubishi Ltd., Industrial Bank of Japan Ltd. and Nomura Securities Co. were among the biggest decliners. "Worries the economic recovery may stall are spreading now that the fiscal 1997 budget has been finalized," said Hiroshi Masuda, deputy general manager at Yamaichi Securities Co.
January 25, 1999 |
GE Capital declared its intention Sunday to become a financial services leader in Japan following its purchase of the leasing operations of bankrupt Japan Leasing Corp. for about $7 billion. The financial services arm of General Electric Co. became the latest U.S. firm to salvage a bargain from the wreck of Japan's bubble economy. It immediately revealed high ambitions for the Japanese market.