• Kyodo News

  • SHARE

The Tokyo Stock Exchange on Tuesday imposed a record fine of ¥180 million on the Japanese unit of French financial giant BNP Paribas SA for violating bourse rules.

The TSE said BNP Paribas Securities (Japan) Ltd. discouraged now-defunct real estate developer Urban Corp. from disclosing key corporate information in 2008 and manipulated the share price of Internet conglomerate Softbank Corp. last year.

The stock market also ordered BNP Paribas Securities to submit a report on improving its business practices.

The Osaka Securities Exchange also imposed a ¥15 million penalty on the unit Tuesday.

The Japan Securities Dealers Association has already ordered BNP Paribas Securities to pay a penalty of ¥30 million for the manipulation of Softbank’s share price, while the Financial Services Agency has instructed it to suspend operations for a certain period and improve its business practices.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW