Administrative penalties against Dai-Ichi Kangyo Bank and Nomura Securities Co. for their payoffs to a “sokaiya” corporate extortionist take effect August 6.
Under the punitive measures drawn up by the Finance Ministry last week, DKB will be forbidden to open new offices or operate in new business areas, such as setting up a financial holding company, until Aug. 5, 1998. The bank is also prohibited from extending loans, except some consumer loans such as for housing, to new customers at all domestic branches. In addition, DKB is banned from underwriting and bidding for Japanese public bonds until the end of the calendar year.
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