Japan's best-known fund man-ager, Yoshiaki Murakami, and other executives at his Murakami Fund are expected to be arrested today for alleged insider trading, a news report said yesterday.
Tokyo prosecutors and the Securities and Exchange Surveillance Commission suspect that the Murakami Fund, run by Murakami, bought a large quantity of shares in Nippon Broadcasting System Inc last year, based on advanced knowledge Internet firm Livedoor Co would make a takeover bid for the company, local media have reported in recent days.
Murakami and other executives are to be arrested today after approval from the Supreme Public Prosecutors Office and the Tokyo High Public Prosecutors Office, Kyodo News agency said yesterday, citing unidentified individuals close to the investigation.
Officials at the Tokyo District Prosecutors Office and the Securities and Exchange Surveillance Commission were not immediately available for comment yesterday afternoon.
Murakami rose to fame in Japan for being an outspoken investor and proponent of free markets.
The Murakami Fund bought a large stake in Nippon Broadcasting shortly before Livedoor and Fuji Television Network Inc launched a heated takeover battle for the broadcaster. In February last year, Livedoor said it acquired a 35 percent stake in Nippon Broadcasting and the Murakami Fund is believed to have sold part of its stake to Livedoor, reaping hefty gains, Kyodo said.
Murakami was quoted by investigative officials as telling Livedoor officials, "Let's buy together," Kyodo said.
From early January last year to Feb. 28 of that year, the Murakami Fund's holding in Nippon Broadcasting dove from 18.57 percent to 3.44 percent, after selling its shares, the report said.
Japan's Securities and Exchange Law bars those with knowledge about a company's decisions from purchasing a stake of 5 percent or more in a listed firm before the decision is made public, Kyodo said.
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