Hokkaido Electric Power Company announced on the 5th that it will remove SMBC Nikko Securities from the lead manager of environmental bonds scheduled to be issued in December. The company’s accounting department finance group explained that it was found that the securities and its employees were being investigated by the Securities and Exchange Surveillance Commission as a related party for alleged violations of the Financial Instruments and Exchange Act (market manipulation). ..
This is the first time that it has been revealed that the securities will be removed from the lead manager of corporate bonds after the allegations were discovered.
Hokkaido Electric Power Co. Ltd. said that it would not affect the bond issuance business, and instead selected Daiwa Securities as the lead manager. Other lead managers are Mizuho Securities and Mitsubishi UFJ Morgan Stanley Securities.
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