Tokyo Stock Exchange official investigated for suspected insider trading
A Tokyo Stock Exchange official is under investigation for suspected insider trading by leaking undisclosed information on a takeover bid to a relative, local media reported Wednesday.
The man employed in a department responsible for handling corporate disclosures allegedly leaked the takeover information to his relative multiple times this year. The relative is believed to have made profits by trading shares of the target company, Kyodo News reported, citing sources close to the matter.
Japan's Securities and Exchange Surveillance Commission last month raided related locations including the homes of the official and the relative, the report said.
The securities market watchdog has opened an investigation and will determine whether to file a complaint with prosecutors.
Japan Exchange Group Inc., the parent company of TSE, said in a statement that it will "fully cooperate with the investigation."
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