|
Yamaichi Securities Co. was a Japanese securities
trading firm.
History: The Fall
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,
shocking the nation and the world.
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 and illegal dealings had undermined
the brokerage and led to its demise.
|
