Former Nomura Investment Banker Yang Sues for Unfair Dismissal

(Bloomberg) -- Yang Zhizhong, the former Asia ex-Japan chairman of investment banking at Nomura Holdings Inc., is seeking HK$31 million ($4 million) in damages from the Japanese brokerage claiming he was unfairly dismissed.

Yang, who left last Nomura year, is seeking compensation in Hong Kong’s High Court for loss of salary, unvested bonuses and other payments as a result of his exit from the firm, a court document said. The claim, alleging “dismissal without any valid reason,” was first filed with the city’s Labour Tribunal in December before being transferred to the High Court in March, according to the document.

Formerly a banker at Lehman Brothers Holdings Inc., Yang joined Nomura in 2008 after it took over most of the U.S. firm’s Asian businesses during the financial crisis. He now works as a senior adviser at corporate finance specialist Asian Capital Ltd., according to the firm’s website.

Both Yang and Sanat Vallikappen, a Hong Kong-based spokesman at Nomura, declined to comment.

To contact the reporters on this story: Benjamin Robertson in Hong Kong at brobertson29@bloomberg.net, Cathy Chan in Hong Kong at kchan14@bloomberg.net.

To contact the editors responsible for this story: Sam Mamudi at smamudi@bloomberg.net, Marcus Wright, Russell Ward

©2018 Bloomberg L.P.