Business Services Industry
Japan Agency Bars Nikko CitiTrust from Accepting Clients for Custody Service.
Knight Ridder/Tribune Business News, April, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Apr. 23--TOKYO -- The Financial Services Agency (FSA) said Friday it ordered Nikko CitiTrust and Banking Corp. to stop accepting new customers for custody and clearing services indefinitely from next Friday due to its violations of the trust banking law.
The punitive measure is the second-harshest ever imposed by the FSA against a trust bank.
In violating the law's Articles 22 and 28 from 1997 to 2003, the joint venture of major brokerage Nikko Cordial Corp. and Citigroup of the United States funneled parts of the returns stemming from the management of its customers' assets into the bank's own off-the-book accounts, the FSA said.
Nikko CitiTrust then...
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