Sumitomo Mitsui Trust Fires Worker Suspected of Insider Trading

Bloomberg11-01

(Bloomberg) -- Sumitomo Mitsui Trust Group Inc. said it fired an employee who is suspected of having engaged in insider trading.Japan’s fifth-largest bank is fully cooperating with an investigation by...

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The person reported the trades to the company on Wednesday and was dismissed on Friday, the spokesman added, declining to elaborate on the matter, citing an ongoing investigation.Kazuya Oyama, president of the unit, said the person was in a managerial position and had allegedly conducted illicit trading multiple times. “We apologize for causing grave concerns to our customers, shareholders and other related parties,” Oyama said at a news briefing in Tokyo. He declined to give further details on the person.Japan has seen a string of alleged insider trading cases in recent weeks. 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