TSE orders WestLB to suspend transactions for 4 weeks.
The Tokyo Stock Exchange (TSE) on Wednesday slapped a four-week halt on securities trades on the German brokerage WestLB Securities Pacific Ltd. for helping two insurers dress up their financial statements, the exchange said.
WestLB, an affiliate of the German bank Westdeutsche Landesbank Girozentrale, is a member of the TSE.
The Financial Services Agency (FSA) on Tuesday ordered the Tokyo unit of WestLB Securities to suspend operations from Oct. 2 to Oct. 29 for breaking a law to ensure the fairness of securities trading.
The TSE ban, to run concurrently for the same duration, was taken to ensure consistency with the FSA's disciplinary measure.
The FSA said WestLB helped Daihyaku Mutual Life Insurance Co. and Toho Mutual Life Insurance Co. to falsify their solvency margin ratios -- a key index of an insurer's ability to pay insurance claims.
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|Publication:||Japan Weekly Monitor|
|Date:||Oct 2, 2000|
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