Ex-Sumitomo Mitsui Trust Official Suspected of Insider Trading

Tokyo, Nov. 1 (Jiji Press)--Sumitomo Mitsui Trust Bank said Friday that a former employee who was in a managerial position is suspected to have engaged in insider trading.

The former employee allegedly bought and sold shares in other companies multiple times to make personal profits, using information obtained in the course of work.

The bank learned of the case through a report from the then employee, and dismissed the individual on Friday.

Several insider trading cases have recently come to light in Japan, including those involving a judge seconded to the Financial Services Agency and an official at the Tokyo Stock Exchange.

The bank's president, Kazuya Oyama, apologized for the incident at a press conference in Tokyo on Friday. "It was a law violation that undermines customer trust," Oyama said. "The company's identity could be questioned."

[Copyright The Jiji Press, Ltd.]