Japanese prosecutors investigating SMBC Nikko after management arrests
By Trend
Tokyo prosecutors are investigating SMBC Nikko Securities Inc following the arrest of four executives on accusations of market manipulation, the Asahi Newspaper reported on Tuesday, Trend reports Reuters.
The prosecutors are trying to determine if there is a case against SMBC Nikko's management for faulty supervision. Four executives, including a senior managing executive officer, were arrested on Friday.
The securities company is the brokerage unit of Sumitomo Mitsui Financial Group.
A spokesperson for SMBC Nikko did not have an immediate comment on the story but referred to comments made by the firm's chief executive on the weekend.
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