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Monday, July 28, 2014

Italy tax police seize $132 million from Nomura in alleged fraud case, (NYSE: NMR)

Italy's tax police said on Monday they had seized 98 million euros ($132 million) from the British subsidiary of Japan's Nomura Holdings for alleged fraud against the Sicily region in relation to past financial deals.Police said in a statement Sicily's finances had suffered a damage estimated at around 175 million euros due to a deal involving the securitisation of healthcare bills managed by Nomura and three derivatives contracts signed with the Japanese group to restructure the region's debt.Nomura said in a separate note it was aware of the action taken by prosecutors in Sicily, which it said related to trades it had entered with the region between 2000 and 2006."We are reviewing the situation fully and will cooperate with the prosecutor in this matter," the bank said.

Nomura Holdings, Inc. is engaged in the investment and financial services business with a focus on securities business. Shares of NMR remained unchanged at $6.54. In the past year, the shares have traded as low as $5.82 and as high as $8.21. On average, 451808 shares of NMR exchange hands on a given day and today's volume is recorded at 0.