Tokyo Stock Exchange to proceed to delist Nikko Cordial - report |
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Tue, 06 Mar 2007 22:41
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TOKYO (XFN-ASIA) - The Tokyo Stock Exchange on Friday is likely to decide to delist Nikko Cordial Corp after finding that accounting manipulation at the brokerage was systematic and fraudulent, the Nikkei reported, without citing sources.After placing the scandal-hit brokerage house on its supervision post on Dec 18, the bourse has been assessing whether accounting irregularities form sufficient grounds for the delisting.If the bourse decides to delist the company, Nikko Cordial's stock will be transferred to a liquidation post, where they can be traded as usual, for one month, with the delisting to take place in the first half of April, the business daily said.Once the firm loses its stock listing, trading cannot be conducted on an exchange, but buying and selling of Nikko Cordial shares can be made through securities houses, it said.Because assets, such as stocks and investment trusts, that are entrusted by investors to Nikko Cordial are managed separately, they will not be affected by the delisting, the report said.(1 usd = 116.70 yen)yasuhiko.seki@xfn.comys/mas
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Japan's Nikko Cordial's ratings may benefit from Citigroup enlarging stake - S&P 