Nomura Move

Scandal-hit Nomura Securities Co Ltd said on Thursday it will post a summary of its annual shareholders meeting later this month on the Internet. The brokerage will issue a summary of the June 27 meeting, along with pictures, a few hours after the session concludes. It is believed to be the first time that a Japanese company has used the Internet to report on its annual meeting.

Nomura said in a statement that it was taking the action for the sake of shareholders and others others who are interested in the meeting but unable to attend.

Nomura, Japans largest brokerage firm, is at the centre of a payoff scandal.

 

Late last month, former Nomura president Hideo Sakamaki was arrested on suspicion of conspiring with three Nomura executives to make illegal payoffs to a sokaiya racketeer.

Sokaiya extort money from corporations by threatening to disrupt shareholders meetings.

Nomuras business has been hit by the scandal, which has also embroiled top Japanese bank Dai-Ichi Kangyo Bank Ltd (DKB).

DKB has said it would open this years shareholders meeting to the media for the first time, in a move aimed at regaining public trust.