MUFG Bank Worker Suspected of Leaking Undisclosed Client Info

Society

Tokyo, July 9 (Jiji Press)--Japan's Securities and Exchange Surveillance Commission raided the home of an MUFG Bank employee who allegedly leaked insider information, as well as the head office of the major Japanese bank and other places in May, it was learned Tuesday.

The securities market watchdog suspects that the MUFG Bank employee in his 30s, who works at the bank's head office in Tokyo, violated the financial instruments and exchange law by providing his relatives with undisclosed information about a client company of the bank.

The law bans people related to listed companies who learn about important information on the firms before announcement from transmitting the undisclosed information to others for the purpose of helping them gain profits or avoid losses.

According to sources familiar with the matter, the MUFG Bank employee, who learned about confidential information that a client company of the bank would conduct a tender offer, is suspected of passing the information to his relatives several times before the announcement of the planned bid.

The relatives purchased shares in the client company before the announcement and gained profits illegally, the sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press