Tokyo

A British subsidiary of Nomura Holdings Inc. has faced financial penalties worth a total of over 90 million euros imposed by a Milan court for former workers' involvement in a case of falsifying the accounts of a major Italian bank, the Japanese financial giant said Saturday.

The Milan criminal court has given the subsidiary, Nomura International PLC, a ruling imposing a fine of 3.45 million euros and ordering confiscation of assets worth 88 million euros.

According to the Japanese parent, a former executive and a former employee of Nomura International have been convicted of taking part in accounting fraud and market manipulation through transactions between the British unit and the Italian bank, Monte dei Paschi di Siena, in 2009.

The Milan court found that Nomura International as a company also breached Italian law over the transactions.

The Japanese parent said in a statement that it was “disappointed” with the court ruling and will “consider all options, including an appeal” after scrutinizing the ruling's content.

The latest verdict is “not expected to have a significant impact” on Nomura’s consolidated performance, the holdings company added.

Jiji Press