SMBC Nikko Securities has announced that it will remove four executives arrested on suspicion of market manipulation from their duties.
The company says that it will re-implement the formal internal disposition based on the progress of the investigation.
The stock prices of certain stocks have fallen for four people, including Trevor Hill (51), Senior Managing Executive Officer of SMBC Nikko Securities and General Manager of Equity Headquarters, and Alexander Avacantz (44), Executive Officer and Deputy General Manager of Equity Headquarters. On the 4th of this month, he was arrested by the Tokyo District Public Prosecutor's Office on suspicion of market manipulation in violation of the Financial Instruments and Exchange Act for making fraudulent transactions in order to avoid doing so.
In response to this, SMBC Nikko Securities announced on the 7th that the four arrested General Manager Hill will be removed from the duties of the General Manager who was in charge on the 5th of this month.
Regarding this, the company explained that "we made personnel changes necessary to continue business", and said that formal internal disposition will be implemented again based on the progress of the investigation and the results of the investigation by the investigation committee. increase.