Fine sought for furniture retailer Otsuka Kagu for insider trading

TOKYO — The Securities and Exchange Surveillance Commission urged the Financial Services Agency on Tuesday to impose a 30


million yen fine on furniture retailer Otsuka Kagu Ltd for engaging in insider trading in its own stock.
According to the stock market watchdog, Otsuka Kagu, listed on the Jasdaq market for start-up firms, purchased 79,000 shares in the company for 333 million yen between Feb 10 and Feb 22 last year just ahead of its announcement on Feb 23 that it would pay a larger dividend than earlier planned. The SESC said the company had already decided on the larger payout when it was buying its own shares, and that this constitutes insider trading in violation of the Securities and Exchange Law.
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