Japan Prosecutors Urge SMBC Nikko Executive to Surrender

Japan’s Securities and Exchange Surveillance Commission filed criminal charges on Wednesday against the company and seven of its employees

 

Tokyo prosecutors called on an executive of SMBC Nikko Securities to turn himself in, the Yomiuri Shimbun reported on Thursday.

Toshihiro Sato, a vice-president, was among several senior executives facing charges over alleged market manipulation.

Japan’s Securities and Exchange Surveillance Commission filed criminal charges on Wednesday against the company and seven of its employees.

The brokerage unit of Sumitomo Mitsui Financial Group bought stocks on the market through proprietary trading allegedly to push up prices so that block trade deals for those stocks would not fall through, the watchdog said.

SMBC Nikko said it took the criminal charge seriously and pledged to work with the watchdog.

Prosecutors this month arrested four executives from SMBC Nikko, including Trevor Hill, senior managing executive officer, and Alexandre Avakiants, executive officer.

 

  • Reuters, with additional editing by George Russell

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.