SMBC Nikko employees pumped Koito, Mos Food stocks, sources say

President apologizes and admits internal control system was inadequate

20220305Nikko

Yuichiro Kondo, president and CEO of SMBC Nikko Securities, apologizes for his company's trading scandal on March 5.

Nikkei staff writers

TOKYO -- Among the stocks whose prices were allegedly manipulated by four SMBC Nikko Securities employees were Koito Manufacturing and Mos Food Services, Nikkei has learned.

The trading volume of those stocks allegedly surged due to illicit orders, which were allegedly used to avoid large price declines. Other targeted stocks were As One, Fibergate and Keiyo Bank, according to the sources familiar to the matter.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.