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TOKYO (AP) - Takafumi Horie, who was convicted last week of securities laws violations, testified for the defense Tuesday in the trial of a prominent Japanese fund manger accused of insider trading, Japanese media reports said.
Yoshiaki Murakami, former head of MAC Asset Management, has been charged with securities laws violations in buying up a large stake in Nippon Broadcasting Systems Inc., a radio broadcaster, and allegedly encouraging Livedoor Co. — the Internet startup Horie founded — to also buy a large stake.
Prosecutors say MAC took in about 3 billion yen ($25.5 million; 19.3 million euros) in profit from the scheme as Nippon Broadcasting shares soared on reports about a takeover.
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