Advertisement

JAPAN

Share via
From Times Staff and Wire Reports

Stock Scandal Keeps Bubbling: Japan’s stock scandal widened last week, with four more brokerages releasing the names of favored clients that received compensation for trading losses. The far-reaching scandal has resulted in growing criticism of the Finance Ministry’s supervision of the securities industry and rising pressure on Finance Minister Ryutaro Hashimoto--once seen as a candidate for prime minister--to resign. Traders said stocks fell Friday in Tokyo partly because of reports that the four brokerages would disclose their compensation lists. The four medium-sized brokerages--Aizawa Securities Co., Izumi Securities Co., Naigai Securities Co. and Meiko Securities Co.--paid a total of $6.4 million in compensation to 92 clients from October, 1987, to March, 1990, the Japan Securities Dealers Assn. said.

Advertisement