TOKYO (dpa-AFX) - Nomura Holdings Inc. (NMR), Japanese financial holding company, said Friday that it will cut the pay of its Chief Executive officer Koji Nagai and other executives over information leaks at Nomura Securities Co.
It is expected the Japanese Financial Services Agency to issue business improvement orders to Nomura Holdings and Nomura Securities for allowing information related to the restructuring of the Tokyo Stock Exchange bourses to be leaked to investors.
On Thursday, Nomura Holdings admitted that the information related to listing and delisting criteria for the upper market currently under review by the Tokyo Stock Exchange was 'handled improperly' and that it has conducted an internal investigation.
The Chief Executive officer Koji Nagai will forgo 30% of his salary for three months, Nomura said Friday after finding that a researcher at an affiliate shared information on potential changes to the Tokyo Stock Exchange sections inappropriately.
Nomura Securities employees had shared the information in March with clients, with one salesperson sending an email saying 'if the stocks were already sold on the assumption that 50 billion yen would be the threshold, there may be a chance that they will be repurchased.'
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