Kazuhiko Asakawa, president of AIJ Investment Advisors Co. (0202964D), will appear at a parliamentary meeting scheduled for tomorrow morning in Tokyo to discuss the fund manager’s loss of pension fund money.
Japan’s lower house financial committee will question Asakawa, who allegedly concealed trading losses and fabricated reports on the assets managed to attract pension funds, according to Banri Kaieda, chairman of the committee.
AIJ oversaw 145.8 billion yen ($1.8 billion) of clients’ money and lost 109.2 billion yen from derivatives trades directed by Asakawa over nine years, the Securities and Exchange Surveillance Commission said last week.
Regulators on March 23 searched AIJ’s Tokyo headquarters and revoked its registration. They also ordered brokerage ITM Securities Co. to halt business for six months for allegedly selling the funds with the knowledge that reports of their value were false.
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