Japanese brokerage cuts pay of CEO, chairman over insider trading scandal
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IT'S a familiar story: a Japanese company is embroiled in scandal, then executives take pay cuts in a bid to make everything right.
SMBC Nikko Securities Inc is the latest firm to do just that. Chief executive officer Yoshihiko Shimizu and chairman Tetsuya Kubo are forgoing 20 per cent of their salaries for two months after a former employee was arrested on suspicion of insider trading. "We take this matter very seriously and sincerely apologise to our customers and other concerned parties for causing great concern and inconvenience," the Tokyo-based unit of Sumitomo Mitsui Financial Group Inc said on Wednesday.
