$2.6 billion vanished in pension funds via Cayman

| 27/02/2012

(CNS Business): About 200 billion yen ($2.6 billion) in pension funds managed by Tokyo-based AIJ Investment Advisors Co has disappeared after it was transferred to a fund in the Cayman Islands, followed by a trust bank in Bermuda and then moved to the Hong Kong account of a major European bank, Japanese media is reporting. The Securities and Exchange Surveillance Commission (SESC) has not so far been able to trace where the money went after reaching Hong Kong but the Japanese financial regulator plans to unravel the complex flow of money from the investment advisory firm and find out how the money disappeared. SESC suspects that AIJ may have used the Cayman Islands to hide information on its investments. Read more on CNS Business

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