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To: Dealer who wrote (2501)	9/20/2000 9:29:29 AM
From: b_spiral	Read Replies (1) of 65232

You missed one. Daiwa execs ordered to pay 770M for trading losses. I doubt anyone will ever see any money but it the thought that counts. nni.nikkei.co.jp Wednesday, September 20, 2000 Daiwa Bank Execs Ordered To Pay 775 Mln Dlrs For Trading Losses OSAKA (Nikkei)--The Osaka District Court on Wednesday ordered 11 former and current Daiwa Bank (8319) officials to pay shareholders a total of 775 million dollars, or 82.9 billion yen, in compensation for 1.1 billion dollars in losses the bank suffered from fraudulent bond trading involving a former employee at its New York office. The shareholders sued 49 former and current executives, seeking 1.45 billion dollars in compensation -- covering 1.1 billion dollars in losses from fraudulent trading as well as 350 million dollars in other losses, including fines the bank paid to the U.S. government in connection with the illegal activity. The court held that Kenji Yasui, former Daiwa Bank vice president and the director of the New York office at the time the fraud was committed, should pay 530 million dollars, or about 56.7 billion yen. It ordered 11 officials, including President Takashi Kaiho and Yasui, to pay a total of around 245 million dollars, or 26.2 billion yen. The presiding judge said Yasui's negligence caused him to breach his duty as a bank director to prevent wrongful acts by employees. The judge held the 11 directors to be negligent on the basis of their guilty pleas in the U.S. to charges of conspiracy to conceal the fraud and the payment of penalties by the bank. (The Nihon Keizai Shimbun Wednesday evening edition)

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