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June 24, 2006
Japanese Fund Manager Indicted
Japanese hedge fund manager Yoshiaki Murakami was indicted on charges of insider trading in a deal that involved a takeover bid by Internet firm Livedoor. The former trade bureaucrat was arrested earlier this month. Murakami came clean with the fact that he had inside knowledge of the takeover plan, but said that he heard it accidentally, and had no intention of profiting from the information. But the Japanese media has widely reported that his claims of innocence are not be believed, and that he instigated the takeover to push up the share values of the target firm. Reuters reports:
Murakami's fall from grace has sent ripples through Japanese markets and policy-making circles. Bank of Japan Governor Toshihiko Fukui has faced criticism after it was revealed that he invested 10 million yen (47,000 pounds) in Murakami's fund years ago.
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