The Metropolitan Police Department plans to launch a criminal investigation this week of Kazuhiko Asakawa, president of AIJ Investment Advisors Co., on suspicion he defrauded pension funds of billions of yen, according to police sources.
The MPD believes Asakawa, 60, sold foreign investment trust products to the pension funds at inflated prices and defrauded them of huge amounts of money.
It is also considering investigating others involved in the case, including Hideaki Nishimura, 56, president of ITM Securities Co., which is affiliated with AIJ.
Many pension funds are in critical situations after they entrusted their money to AIJ, and the MPD probe is aimed at bringing the whole case to light.
This Monday, members of the seminal metal band X Japan were in Odaiba rubbing shoulders with the likes of Brad Pitt, Lady Gaga and AKB48′s Yuko Oshima. The catch? They were all made out of wax. (Japan Times )
The parents of a nightclub worker killed in an arson fire three years ago filed a suit in the Nagoya District Court on Monday seeking damages against top members of the Yamaguchi-gumi organized crime group. (Tokyo Reporter )
Kyodo News said Monday that it has dismissed Satoshi Kondo, 51, deputy chief of its general administration bureau and former personnel affairs division chief, for meeting individually with a female student searching for a job and doing an inappropriate act.
(Jiji Press )