One of Japan’s leading financiers has been charged with insider trading in relation to share deals involving internet business Livedoor.
Prosecutors have indicted Yoshiaki Murakami, who is currently under arrest, after pursuing a criminal complaint from stock market regulators.
Mr Murakami has admitted he was guilty of insider trading when buying shares in Nippon Broadcasting System in 2005
BUENOS AIRES (MarketWatch) — In what could be one of the biggest fraud cases in Argentine history, French retailer Carrefour SA (12017.FR) has alleged in a series of lawsuits that accounting firm PriceWaterhouseCoopers and one of its most high-profile Argentine clients conspired to defraud it in the sale of a local supermarket chain.
Carrefour has claimed in four separate criminal and civil suits that the directors of Norte Supermarkets former owner, Argentine investment firm Exxel Group, instructed their accountants at the chain to inflate the company’s earnings before interest, tax, depreciation and amortization
The chairman of Hyundai admitted to his role in setting up slush funds allegedly used to bribe politicians as the scandal surrounding the South Korean car maker claimed more victims.
“I admit my guilt, to a certain extent,” said Chung Mong-koo during his second appearance at his embezzlement trial.
However he was unable to help prosecutors further, replying to several detailed questions about the fund by claiming, “I don’t remember
US officials have accused ING Groep of failing to properly disclose fees it earned running a $180m (£98m) New Hampshire state retirement fund.
Regulators say the Dutch bank did not disclose conflicts of interest that may have affected investment choices.
The company denies the charges and said it was cooperating with authorities
One of Austria’s biggest banks, Bank Fuer Arbeit und Wirtschaft (Bawag), is to pay $675m (£361m) to settle claims it helped a US brokerage commit fraud.
US authorities said the large payment was related to its dealings with the now defunct brokerage Refco.
As part of the deal Bawag admitted helping hide bad debt at Refco
A leading shareholder activist in Japan has been arrested after being drawn into the Livedoor scandal rocking the country this year, prosecutors say.
Fund manager Yoshiaki Murakami had said he had unwittingly violated insider trading laws in connection with a takeover initiated by Livedoor in 2005.
The former trade ministry official also said he would resign from his fund
Kim Woo-choong, the founder of Daewoo Group, which at one time was among South Korea’s largest industrial firms, has been sentenced to 10 years in jail.
Kim, who was on the run for six years, was found guilty of charges including embezzlement and accounting fraud.
The 69-year-old also has been ordered to hand over 21 trillion won (£12bn: $22bn) and was fined 10m won
Time Warner Inc., its AOL subsidiary and auditor Ernst & Young have agreed to pay $23 million to settle a lawsuit accusing them of defrauding a Pennsylvania pension fund for teachers and state workers.
The suit, filed in February 2004, claimed that the companies overstated revenue and subscriber figures after the merger of New York-based Time Warner and America Online Inc
The former head of Brazil’s Banco Santos, Edemar Cid Ferreira, has been arrested on suspicion of committing fraud while managing the bank.
Mr Ferreira was arrested at his mansion located in Sao Paulo’s wealthy Morumbi area, Federal Police said.
Creditors who invested in banks owned or connected to Mr Ferreira have seen losses approaching $1bn (£685m)
Executives of Livedoor, the scandal-hit Japanese internet company, have gone on trial charged with breaking stock market rules and falsifying accounts.
The four men were arrested earlier this year with Livedoor’s founder and charismatic head boss Takafumi Horie.
Mr Horie, who rose to prominence for his willingness to attack Japan’s staid and traditional business world, will face trial on his own at a later date