Kokusai Securities Co. said Wednesday it will cut the salaries of six of its executives in light of the brokerage's violation of the Securities and Exchange Law.
The breach resulted in a government order to suspend operations.
At a board meeting Wednesday, President Nobuo Nakazawa and five other executives decided to accept salary cuts for a six-month period beginning in July, company officials said.
Nakazawa's salary will be slashed by 50 percent, while the salaries of the five others will be cut by between 20 percent and 30 percent, they said.
The company has already decided not to pay bonuses to its executives for fiscal 2000, which ended March 31.
The second-tier brokerage was ordered by the Financial Services Agency on Monday to suspend operations for three days, beginning July 4.
Kokusai Securities branches in Osaka and Oita violated the law by offering special profits to certain customers in an inappropriate manner and by attempting to conceal evidence related to the deals.