Japanese prosecutors demanded three years in prison and a fine of more than ?1 billion (US$8 million) yesterday for a high profile fund manager accused of insider trading.
Yoshiaki Murakami, former head of MAC Asset Management, has been charged with securities laws violations in buying up a large stake in Nippon Broadcasting Systems Inc, a radio broadcaster, after he knew that startup Internet company Livedoor Co was planning to take over the broadcaster.
Murakami has pleaded not guilty to the charges. He denies he bought Nippon Broadcasting shares with prior knowledge of Livedoor's intentions.
In the trial at Tokyo District Court, prosecutors have said that MAC took in about ?3 billion in profit from the scheme as Nippon Broadcasting shares soared on reports about a takeover.
In Friday's session, prosecutors also demanded a ?300 million fine against MAC.
The trial began in November and a verdict is expected sometime in the summer, according to Japanese media reports. A date has not been set.
The trial of Murakami, 47, has drawn widespread media attention as a symbol of a new kind of aggressive entrepreneurship in Japan.
Crucial to the prosecution's case is whether Murakami knew about Livedoor's intentions to buy shares in the broadcaster before his own purchase.
Key to the prosecution case against Murakami was a Nov. 8, 2004, meeting between Livedoor and MAC officials, when both sides allegedly talked about how they could work together on the takeover, prosecutors said.
Takafumi Horie, 34, the founder and former chief executive of Livedoor, was also a media idol before his arrest last year.
Horie was convicted of securities laws violations in falsifying earnings in a separate trial earlier this year and sentenced to two-and-a-half years in prison. Horie has asserted his innocence and is appealing the verdict.
Horie has testified for Murakami's defense, saying he didn't think of the takeover until much later. But other former Livedoor officials have testified for the prosecutors.
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