AIJ Investment Advisors Co. used clients' corporate pension money to conduct futures trading in Japan, after first transferring the money to the Cayman Islands and Hong Kong, sources said.
The details offer clues on how the suspended asset manager allegedly burned through most of what is now believed to be ¥210 billion entrusted to it by 84 employee pension funds covering more than 880,000 people as of the end of 2011.
In a related development Thursday, the Health, Labor and Welfare Ministry published the names of 36 of the 84 corporate pension funds damaged by AIJ after they agreed to be publicly identified. (Japan Times)
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