Ex-Don Quijote Pres. Guilty over Illegal Share-Buying Advice
Tokyo, April 27 (Jiji Press)--Tokyo District Court sentenced a former president of discount store group Don Quijote Holdings Co. to two years in prison, suspended for four years, on Tuesday for illegally recommending share purchases.
Koji Ohara, 57, was found guilty for recommending an acquaintance to buy shares in Don Quijote Holdings, now called Pan Pacific International Holdings Corp. <7532>, before a tender offer for Don Quijote Holdings was announced, in violation of the financial instruments and exchange law.
The prosecution had sought two years in prison.
Presiding Judge Minoru Morishita said Ohara's act "significantly damaged the fairness of market and the trust of general investors" as the acquaintance reaped about 69 million in profit from the share purchases.
Ohara deserves strong criticism because he committed the act without much thought although he was in a position to ensure legal compliance within the company, the judge said.
[Copyright The Jiji Press, Ltd.]