Four executives of AIJ Investment Advisors have been arrested in an alleged fraud relating to missing pension fund money.
The president of AIJ Investment Advisors and three others have been arrested on suspicion of fraud relating to 109bn yen (£878m) of missing pension funds.
AIJ managed money for more than 100 companies but was stripped of its registration in March after failing to account for most of its clients' funds.
Japanese police on Tuesday arrested the president of asset manager AIJ Investment Advisors Co. and three others after they allegedly sold funds with the knowledge that performance figures had been fabricated, the latest development in a scandal that has rocked the country's pension fund industry.
Police said that Kazuhiko Asakawa, the president of AIJ, and three others are suspected of defrauding two corporate pension funds-one in Tokyo and the other in Nagano, northern Japan.
Recently released year-end results show assets under management for Japanese asset managers were down 12% in the year ended March 31, as Gavin Blair reports
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