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.
Taiwanese Olympic badminton men’s doubles gold medalist Wang Chi-lin (王齊麟) and his new partner, Chiu Hsiang-chieh (邱相榤), clinched the men’s doubles title at the Yonex Taipei Open yesterday, becoming the second Taiwanese team to win a title in the tournament. Ranked 19th in the world, the Taiwanese duo defeated Kang Min-hyuk and Ki Dong-ju of South Korea 21-18, 21-15 in a pulsating 43-minute final to clinch their first doubles title after teaming up last year. Wang, the men’s doubles gold medalist at the 2020 and 2024 Olympics, partnered with Chiu in August last year after the retirement of his teammate Lee Yang
FALSE DOCUMENTS? Actor William Liao said he was ‘voluntarily cooperating’ with police after a suspect was accused of helping to produce false medical certificates Police yesterday questioned at least six entertainers amid allegations of evasion of compulsory military service, with Lee Chuan (李銓), a member of boy band Choc7 (超克7), and actor Daniel Chen (陳大天) among those summoned. The New Taipei City District Prosecutors’ Office in January launched an investigation into a group that was allegedly helping men dodge compulsory military service using falsified medical documents. Actor Darren Wang (王大陸) has been accused of being one of the group’s clients. As the investigation expanded, investigators at New Taipei City’s Yonghe Precinct said that other entertainers commissioned the group to obtain false documents. The main suspect, a man surnamed
US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer began talks with high-ranking Chinese officials in Switzerland yesterday aiming to de-escalate a dispute that threatens to cut off trade between the world’s two biggest economies and damage the global economy. The US delegation has begun meetings in Geneva with a Chinese delegation led by Chinese Vice Premier He Lifeng (何立峰), Xinhua News Agency said. Diplomats from both sides also confirmed that the talks have begun, but spoke anonymously and the exact location of the talks was not made public. Prospects for a major breakthrough appear dim, but there is
The number of births in Taiwan fell to an all-time monthly low last month, while the population declined for the 16th consecutive month, Ministry of the Interior data released on Friday showed. The number of newborns totaled 8,684, which is 704 births fewer than in March and the lowest monthly figure on record, the ministry said. That is equivalent to roughly one baby born every five minutes and an annual crude birthrate of 4.52 per 1,000 people, the ministry added. Meanwhile, 17,205 deaths were recorded, resulting in a natural population decrease of 8,521, the data showed. More people are also leaving Taiwan, with net
RSS