Nikko to sue directors over accounting scandal

Japanese listed broker
Nikko Cordial
will sue former directors, including its ex-CFO, over an accounting fraud at
the company.

The firm said it was
3.1bn Yen (£13.4m)
from a number of directors, including its former
president, private equity unit chairman and CFO Hajime Yamamoto.

The scandal at the company led to the replacement of PwC audit affiliate
Misuzu as Nikko’s auditor. Another
affiliate, Aarata, took its place.

Further reading:

PwC to shut down Japanese affiliate

New PwC Japan firm ‘to grow to 1,700’

116 companies abandon PwC’s Japanese firm

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