Society

Ex-head of Don Quijote chain arrested over alleged insider trading

Dec 04 (Japan Times) - A former president of discount retailer Don Quijote Holdings Co., now known as Pan Pacific International Holdings Corp., was arrested Thursday by prosecutors for alleged involvement in insider trading in 2018.

Tokyo prosecutors suspect Koji Ohara, 57, illegally advised a male acquaintance to purchase Don Quijote shares prior to the announcement of a takeover bid for the company by FamilyMart Uny Holdings Co. in violation of the Financial Instruments and Exchange law.

Ohara previously denied the charges during voluntary questioning prior to his arrest, according to sources familiar with the matter. The prosecutors have not disclosed whether Ohara has admitted or denied the allegation.

Don Quijote shares jumped from the Â¥5,000 level to the upper Â¥6,000 level after FamilyMart Uny Holdings, now FamilyMart Co., announced on Oct. 11, 2018, that it would make Don Quijote an affiliate.

Popular with young people and foreign tourists, a typical Don Quijote store, nicknamed "Donki," operates around the clock and features floor-to-ceiling shelves with a huge variety of products, from electrical appliances and food to cosmetics and clothing.

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