Nomura chief who bagged Lehman gets big payoff: report

17th August 2010, Comments 0 comments

The key executive at Nomura who masterminded the Japanese broker's raid on Lehman Brothers after its collapse has received one of Britain's biggest severance settlements, a report said on Tuesday.

Sadeq Sayeed, who was chief executive of Nomura's European, Middle East and Africa unit, has received almost 22 million pounds (27 million euros, 34 million dollars), The Times newspaper said.

Nomura was immediately not available to comment.

The Times said the settlement could ignite a backlash in Japan, where such payouts are frowned upon.

Sayeed masterminded Nomura's raid on Lehman Brothers when the Wall Street bank collapsed in September 2008.

Nomura lost the US division to Barclays Capital but snapped up Lehman's London-based European equities operation for just two dollars (1.5 euros).

Sayeed had announced his intention to step down in March.

© 2010 AFP

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