The first trial of the president of a construction company accused of conducting insider trading by a medical venture company in Tokyo over the development business of a therapeutic drug for the new coronavirus, buying shares based on inside information before disclosure Was held, and the president admitted that he was accused of "no doubt".
The construction company "Uchida Construction" in Yokohama City and its president Toshiaki Kubota (53) have started a business to develop a therapeutic drug for the new coronavirus, including "Tera", a medical venture company in Shinjuku-ku, Tokyo. He has been accused of violating the Financial Instruments and Exchange Act for conducting an insider transaction to buy about 17 million yen worth of shares based on inside information before the announcement that a clinical trial will be conducted in Mexico.
At the first trial held at the Tokyo District Court, President Kubota admitted that he was charged with "no doubt."
In the opening statement, the prosecution said, "I was told by an acquaintance who was involved in the work of'Tera'that the symptoms of the new corona were improved by the therapeutic drug under development, inside information of clinical trials, etc., and the stock price will surely rise. I thought and tried to buy and sell the stock before the information was released. "
In a question asked by the accused, President Kubota said, "I regret that I did something stupid."
Five other people have been charged with insider trading in the case of this drug, but the trial has not yet begun.