An investment fund headquartered in Tokyo conducted a takeover bid (TOB) for two listed companies, and a former employee of the fund fraudulently obtained 28 million yen worth of stock based on internal information before it was announced. The Securities and Exchange Surveillance Commission filed a criminal complaint against the former employee with the Tokyo District Public Prosecutors Office on suspicion of insider trading.
The accused is Kazunari Yokoyama (50), a former employee of the investment fund "Polaris Capital Group" headquartered in Tokyo.
According to the Securities and Exchange Surveillance Commission, former employee Yokoyama received inside information before the announcement regarding the TOB = tender offer for two listed companies, including a construction-related company in Tokyo, which Polaris conducted three years ago and two years ago when he was in his current position. Based on this, there is a suspicion that the two companies' shares were purchased for a total of 28 million yen.
Former employee Yokoyama used an account in his own name to trade stocks and made a profit. I filed a criminal complaint with the Special Investigation Department.
The oversight committee has not disclosed the approval or disapproval of Yokoyama former employee.
Investment fund "Apologize from the bottom of my heart for losing trust"
In response to the accusation of a former employee, the "Polaris Capital Group" said, "We take this situation seriously and set up a special investigation committee to confirm the facts and verify the internal control system. In the future, we will take further measures to prevent recurrence based on the report of the investigation results, etc. We sincerely apologize for losing the trust of everyone involved. ” and other comments were announced.