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4 asset managers in Japan arrested in aftermath of US$1.4 billion pension scandal

Japanese authorities have arrested the president and three other employees of asset manager AIJ Investment Advisors in connection with a US$1.4 billion pension scandal. AIJ, which managed the money of roughly 90 small pension funds, allegedly suffered losses of $1.4 billion and hid them from its clients for almost a decade, prosecutors said. Authorities also accused Kazuhiko Asakawa, AIJ’s president,…

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