Sumitomo Mitsui Trust admits securities watchdog's probe over insider trading

16:03, 28 May 2012

TOKYO. May 28. KAZINFORM Sumitomo Mitsui Trust Holdings Inc. admitted Monday that the securities industry watchdog is investigating alleged insider trading by an employee of the former Chuo Mitsui Asset Trust and Banking Co., a subsidiary of the group.

photo: QAZINFORM

''It is true that an investigation by the Securities and Exchange Surveillance Commission is under way and we are fully cooperating with the investigation,'' the holding company said in a statement. The subsidiary concerned is now Sumitomo Mitsui Trust Bank, Kyodo reports.

The SESC intends to recommend that the Financial Services Agency fine the former Chuo Mitsui Asset Trust for alleged insider trading by its fund manager over a new share issue by Mizuho Financial Group Inc. announced in June 2010, sources familiar with the matter said Friday.