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Celebrity Fund Manager Arrested for Insider Trading

6, 05. 2006

Yoshiaki Murakami, a manager of so-called Murakami Fund, was arrested on Jun. 5 for insider trading. He has been paid attention in Japan, particularly corporate leaders, for his style to strongly claim shareholders' rights.

Murakami is suspected of buying the shares of Nippon Broadcasting System, Inc., although he was aware that Livedoor Co. would buy the company. Last year, Livedoor had attempted a hostile buyout against Nippon Broadcasting before it agreed to make a capital partnership with Fuji Television Network Inc., an affiliated company of the radio broadcaster.

Prosecutors began searching the related offices in Tokyo. Murakami admitted and apologized for his wrongdoing at the press conference before his arrest.

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