In an insider trading case involving the development of a therapeutic drug for the new coronavirus by a medical venture company in Tokyo, the Securities and Exchange Surveillance Commission has illegally stocked three people, including the president of the company in Yokohama, based on inside information before the announcement. I filed a criminal accusation with the Tokyo District Public Prosecutors Office on suspicion of violating the Financial Instruments and Exchange Act.
Toshiaki Kubota (53), the president of a construction company in Yokohama, and Hirama Yamazaki (49), the president of an investment-related company in Kanagawa Prefecture, and three others have business alliances with the medical venture company "Tera" in Tokyo. On the 4th of this month, he was arrested by the Police Agency on suspicion of insider trading for illegally purchasing shares based on inside information before the announcement, such as embarking on the development of a therapeutic drug for the new corona virus.
According to the Securities and Exchange Surveillance Commission, the three members illegally purchased a total of about 40 million yen worth of shares from April to May before the inside information was released. Has filed a criminal accusation with the Tokyo District Public Prosecutor's Office on suspicion of violating the Financial Instruments and Exchange Act.
Terra has since virtually withdrawn from the development business, but investigators suspect that the three had made a combined profit of about 50 million yen by selling out the increased stock.
The Oversight Committee and the Metropolitan Police Department continue to investigate the details.
The oversight committee has not disclosed the approval or disapproval of the three.