SESC Charges Former Asatsu-DK Exec. with Insider Trading

Society

Tokyo, Oct. 30 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission filed on Tuesday an insider trading accusation with Tokyo public prosecutors against a former Asatsu-DK Inc. executive.

Makoto Tsuchiya, 63, is suspected of purchasing in late September 2017 some 26,000 shares in Asatsu-DK for about 82 million yen under the name of another person while he was an executive of the advertising agency based on insider information that a U.S. investment fund would launch a tender offer for the firm.

The SESC also accused Tsuchiya of providing the information to an acquaintance and having the person buy 300 Asatsu-DK shares for around 900,000 yen before the tender offer was announced on Oct. 2 that year.

The company was delisted from the Tokyo Stock Exchange's first section in March this year following the U.S. fund's successful acquisition of Asatsu-DK shares.

Tsuchiya quit the firm after the securities watchdog raided related places last summer or so, informed sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press