Cancellation of surcharge payment order “Investment companies do not trade stocks” Tokyo District Court, September 27, 19:06
The Tokyo District Court charges that the Cayman Islands investment company in the Caribbean claims that it was unreasonable that the Financial Services Agency ordered the payment of a surcharge for illegally raising the stock price of a Japanese company. Sentenced to cancel.
Cayman Islands investment company “Select Bantage” said that the Tokyo Stock Exchange placed a large number of lie purchase orders during lunch breaks and raised the stock price illegally, and surcharged 21 million yen from the Financial Services Agency. I was ordered to pay for it, but asked for cancellation as "I did not deal with the violation."
In a ruling on the 27th, Takao Furuta of Tokyo District Court said, “This company has no authority to supervise, supervise, and manage employment for traders who bought and sold stocks. The group company was doing, and the trader cannot be regarded as an employee, and it cannot be said that this company corresponds to the person who dealt with the problem. ”
Regarding the ruling, the FSA says, “I know that the country's assertion was not accepted. I'm discussing the response with the relevant authorities, and I will refrain from commenting at the moment.”