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Murakami arrested for insider trading

Fund manager Yoshiaki Murakami was arrested June 5 for alleged insider trading in a case that is drawing attention in Japan, where aggressive investment funds are still quite rare.

Murakami, president of MAC Asset Management, widely known as Murakami Fund, acknowledged earlier that day that he had engaged in insider trading.

Murakami Fund allegedly bought a large quantity of shares in Nippon Broadcasting System Inc. last year using advanced knowledge that Livedoor Co. would make a takeover bid for the company.

Murakami said that he had not intended to commit a crime. He said he chanced upon that information and was not fully aware that his actions may be seen as insider trading.

"I didn't intend to commit a crime," Murakami said. "I made a mistake."

Murakami, a 46-year-old former government bureaucrat, became famous as an outspoken proponent of investor rights and free markets

But many among the old-guard business establishment viewed him with suspicion. They thought he was just out for money and represented dubious foreign investors, and not interested in proper Japanese management practices. (AP)

Shukan ST: June 16, 2006

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National News Murakami arrested for insider trading Fund manager Yoshiaki Murakami was arrested June 5 for alleged insider trading in a case that is drawing attention in Japan, where aggressive investment funds are still quite rare. Murakami, president of MAC Asset Management, widely known as Murakami Fund, acknowledged earlier that day that he had engaged in insider trading. Murakami Fund allegedly bought a large quantity of shares in Nippon Broadcasting System Inc. last year using advanced knowledge that Livedoor Co. would make a takeover bid for the company. Murakami said that he had not intended to commit a crime. He said he chanced upon that information and was not fully aware that his actions may be seen as insider trading. "I didn't intend to commit a crime," Murakami said. "I made a mistake." Murakami, a 46-year-old former government bureaucrat, became famous as an outspoken proponent of investor rights and free markets But many among the old-guard business establishment viewed him with suspicion. They thought he was just out for money and represented dubious foreign investors, and not interested in proper Japanese management practices. (AP) Shukan ST: June 16, 2006 (C) All rights reserved