Racketeering scandal hits Nomura profits
Friday 25 April 1997
The company yesterday announced that fees from underwriting stocks and bonds in Japan soared by a third in the year to end-March, but reported an overall net loss of 271bn (pounds 1.32bn) due to the bail out of a real- estate lending subsidiary.
While conceding that the sokaiya scandal would hurt profits this year, Nomura predicted it would remain in the black even if customers continued to desert and if it was ordered by the regulatory authorities to shut down trading on its own account for several months.
In March alone, when the scandal broke, profits were halved, said Takamichi Arata, director of Nomura's finance department. "This year will be difficult. But by cutting costs, we'll probably manage to stay in the black." Earlier this week every top executive resigned from Nomura.
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