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Following the announcement of administrative penalties against Nomura Securities Co. for its illegal dealings with a “sokaiya” corporate extortionist, Nomura will cut the salaries of its board members and punish 25 of its employees, President Junichi Ujiie said July 30.

Speaking to a news conference, Ujiie told reporters that the firm’s chairman and president would undertake a 30 percent salary cut for five months, senior managing directors will face a 20 percent cut and managing directors’ salaries would be reduced by 15 percent for the same period. Other board members and auditors will receive 10 percent salary cuts, while reprimands and strict warnings are in store for 25 of its employees.

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