AP NEWS
Related topics

Australia Revokes Broker’s Licenses

March 6, 1998

MELBOURNE, Australia (AP) _ The Australian Securities Commission said Friday it has revoked Yamaichi Australia’s securities and futures dealers licenses at the brokerage’s own request.

Yamaichi Australia is a subsidiary of the failed Japanese securities broker Yamaichi Securities Co., which ceased trading Nov. 24.

``The Australian Securities Commission understands that at the end of March, Yamaichi Australia will close its Sydney office and that it has not undertaken any new business since Nov. 24, 1997,″ it said.

The ASC said its own inquiries had not revealed any criminal conduct by officials of Yamaichi Australia, who have disclaimed knowledge of the allegedly criminal aspects of the transactions in Japan.

Yamaichi, Japan’s fourth-largest brokerage, collapsed in November under the weight of massive off-book losses.