• Kyodo News


The Financial Services Agency has fined four Japanese units of Citigroup Inc. of the United States for false information contained in reports concerning large shareholdings or for delaying the submission of such reports to financial authorities.

The four — Citigroup Global Markets Inc., Citigroup Japan Holdings Corp., Citigroup Global Markets Financial Products LLC and Citigroup Global Markets Ltd. — were ordered to pay a combined ¥23 million, according to the government’s financial markets watchdog.

Between December 2008 and September 2009, the four Citigroup units were involved in 44 cases relating to delayed submission of reports and five cases in which false information was contained in reports, according to the agency.

It is the first time the agency has imposed fines over reporting irregularities relating to large equity stakes since December 2008, when the agency was empowered to impose such fines.

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.