About 200 billion yen in pension funds managed by AIJ Investment Advisors Co., most of which has vanished, was moved among overseas private investment trust funds and financial institutions, including those in the Cayman Islands and Hong Kong, according to Securities and Exchange Surveillance Commission sources.
The commission plans to unravel the complex flow of money from the Tokyo-based investment advisory firm and how the money disappeared.
According to sources close to the company, AIJ used most of the 200 billion yen to buy a private investment trust in the Cayman Islands through ITM Securities Co., a Tokyo-based company with close ties to AIJ. This money had been entrusted to AIJ for investment by its client companies, which were mainly small and midsize companies. (Yomiuri)
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