Ex-Nomura China Head Loses $4 Million Unfair Dismissal Case (1)

Nomura Holdings Inc.’s former China head lost a Hong Kong court battle against the Japanese brokerage in which he sought about $4 million in damages for wrongful dismissal.

Yang Zhizhong, who was also the former chairman of investment banking for Asia ex-Japan, claimed that the bank violated his contract by issuing a warning letter and forfeiting his bonus before terminating his employment in 2017. The Tokyo-based firm had disciplined him for arranging meetings between its research analysts and potential clients without obtaining compliance approval, according to the court judgment.

The Hong Kong High Court dismissed the claims, ...