The Securities and Exchange Surveillance Commission recommended Monday that the Financial Services Agency slap Nikko Cordial Corp. with a fine of 500 million yen, the largest ever, for falsifying its fiscal 2004 financial reports.
The SESC said the nation's leading brokerage padded its consolidated net profit by 11.6 billion yen and its pretax profit by 18.7 billion yen through illegal use of its affiliated companies.
Nikko Cordial admitted earlier in the day to falsifying its fiscal 2004 financial reports but claimed the firm had no intention of window-dressing.