Yamaichi Securities

From Wikipedia, the free encyclopedia

Yamaichi Securities Co., Ltd. (山一證券株式会社, Yamaich Shōken Kabushiki-gaisha^?) was a Japanese securities trading firm. The company announced it would cease operations on November 24, 1997 and was declared bankrupt by the Tokyo District Court on June 2, 1999.

The company's last president, Shohei Nozawa made a tearful public apology on Japanese television. Japan's Minister of Finance announced that steps would be taken to ensure the event would not further destabilize the frail Japanese banking system and economy as a whole.

On June 1, 2001, the company's last chairman, Tsugio Yukihira, settled a lawsuit filed in Tokyo District Court. Suitors alleged his window-dressing Tobashi schemes and illegal dealings had undermined the brokerage and led to its demise.

[edit] External links

• Statement by the Governor of the Bank of Japan