The Tokyo Stock Exchange will not delist scandal-tainted Nikko Cordial Corp. because it cannot confirm whether the brokerage falsified its financial statements in a systematic manner, TSE President Taizo Nishimuro announced Monday.
The announcement defied widespread speculation that the TSE would delist Nikko Cordial in mid-April. On Tuesday, Nikko Cordial's stock will be taken off the monitoring post, where it was placed in December after the brokerage admitted falsifying its financial statements for fiscal 2004.
The TSE's decision, made unanimously at an executive meeting, was good news for Nikko Cordial, which has been losing customers to rival brokerages since the accounting scandal surfaced.