Reported 8 months ago
Amid allegations of financial wrongdoing, Mitsubishi UFJ Morgan Stanley Securities Co. missed out on arranging at least eight yen bond deals, leading to dropping from certain planned bond deals by institutions like Development Bank of Japan Inc., Japan International Cooperation Agency, and NEC Corp. This setback comes as a consequence of recent scandals, with SMBC Nikko Securities Inc. experiencing a similar loss of business previously. Despite being one of the top arrangers for yen corporate bonds, the unit faced further challenges after the Securities and Exchange Surveillance Commission accused Mitsubishi UFJ Financial Group Inc. of repeatedly violating client confidentiality. As a result, agencies like Kanagawa Prefecture, Japan Housing Finance Agency, and Aeon Co. also decided to drop the brokerage from arranging bond deals.
Source: YAHOO