Nikko Cordial Corp., facing possible delisting from the Tokyo Stock Exchange, said Tuesday it will sue three former senior executives for a combined 3.1 billion yen for their roles in accounting fraud committed at the firm.
The nation's third-largest brokerage said it will file the damages suit against Junicho Arimura, former Nikko Cordial president, Hirofumi Hirano, former chairman of Nikko Principal Investments Japan Ltd., and Hajime Yamamoto, former chief financial officer of Nikko Cordial.
The decision was made by an in-house investigation team Nikko Cordial set up earlier this month to look into the executives' responsibility for the fraud.