Tokyo Metropolitan Police has arrested Shigeru Echigo, an employee of Deutsche Securities for offering bribes to Mitsui & Co. pension executive Yutaka Tsurisawa.
Echigo spent about JPY900,000 by offering abroad trips, rounds of golf, and wine and meals to Tsurisawa between April and August 2012 in return for investing about JPY1bn in financial products.
Go deeper with GlobalData
The arrest came a day after the European Union regulators imposed a fine on Deutsche Bank for making an attempt to manipulate key benchmark interest rates.
A Deutsche Bank spokesman in Frankfurt told the Wall Street Journal that Deutsche Securities acknowledges the arrest of one of its employees in Japan and is fully assisting the authorities with the investigation.
"The bank has undertaken significant measures to enhance its systems and controls…It is investing 1 billion to elevate its systems and controls to best in class, including by increasing the headcount in its control functions," the spokesman added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
