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Insider trading complaint filed over Disney software deal.

TOKYO, March 26 Kyodo

The government's securities market watchdog said Tuesday it filed a criminal complaint against the president of a small Tokyo advertising agency for allegedly using inside information to trade shares in a Japanese computer game builder that tied up with a Disney subsidiary.

Toshiyuki Ishiko, 61, president of Maerchen-Japan, is suspected of using inside information on a tie-up, announced in January 2001, on an online game project between T&E Soft Inc., quoted on the over-the-counter market, and Disney Interactive Inc., according to the Securities and Exchange Surveillance Commission.

In December 2000, just before the announcement of the tie-up, Ishiko bought 6,000 shares in T&E Soft, for 5 million yen and sold them in February the following year for 9 million yen after the announcement, giving him proceeds of 4 million yen, according to the commission, which filed the complaint with the Tokyo District Public Prosecutors Office.

Ishiko's ad agency was subcontracted to produce documents for presentation at a news conference and to advertise the business collaboration, and the commission believes the president was thus in a position to obtain inside information early.

After the announcement, shares in T&E Soft rose to around 1,500 yen from around 830 yen.

T&E Soft was established in 1982 in Tokyo and has been quoted on the over-the-counter market since 1995. It is engaged in development and sale of software for home video devices and online PC games.

The company is scheduled to change its name to D Wonderland Inc. in May.
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Comment:Insider trading complaint filed over Disney software deal.
Publication:Japan Computer Industry Scan
Geographic Code:9JAPA
Date:Apr 1, 2002
Words:256
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