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Nikko Cordial executives to resign over accounting scandal

Nikko Cordial executives to resign over accounting scandal

Japanese brokerage Nikko Cordial Corp. said on Monday its two most senior executives will resign over alleged accounting irregularities.
The company, Japan's third largest brokerage house by revenue, said President Junichi Arimura and Chairman Masashi Kaneko will resign effective Tuesday. The company tapped director Shoji Kuwashima as its new president.
"We have no choice but to accept the view that we systematically reported fraudulent (figures)," Arimura told reporters. "I would like to offer my heartfelt apologies."
Last week, Japan's financial watchdog recommended a 500 million yen (US$4.21 million;


Updated : 2020-12-05 14:20 GMT+08:00