Pay Cut for Mitsubishi UFJ Morgan Stanley Execs over Ex-Worker’s Wrongdoing
August 13, 2018
Tokyo- Mitsubishi UFJ Morgan Stanley Securities Co. said Monday that five of its executives will voluntarily have their pay cut to clarify responsibility for the manipulation of Japanese government bond futures prices in August last year by a then employee.
Pay for the five, including Deputy Chairman Takashi Nagaoka and President Saburo Araki, will be reduced by 10 or 20 pct for two months. Nagaoka was serving as president when the wrongdoing took place.
In August 2017, the former employee, who was a dealer, manipulated the JGB futures market by repeatedly placing sell and buy orders, and obtained illegal profits.
In June this year, the Financial Services Agency fined Mitsubishi UFJ Morgan Stanley Securities 218.37 million yen. The securities firm paid the penalty late last month.
The Ministry of Finance suspended special entitlements given to the firm under its primary dealer system for JGBs for one month to Friday this week. Jiji Press
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