[THE INVESTOR] Japanese financial authorities have uncovered insider trading concerning Korean games maker
Neowiz Games’ Japanese subsidiary, local news reported on June 21.
According to reports, an employee became aware that the company was planning to buy up shares of its Japanese unit Game On. Having gained the information, the employee then traded Game On shares after the plans were made public in 2011.
At the time, Neowiz Games acquired Game On shares worth 2 billion yen (US$19 million) to raise its stake in the Japanese subsidiary from 40 percent to 100 percent.
The Neowiz Games employee has been fined 1.6 million yen for making 1.59 million yen from the sale of 57 Game On shares.
In addition to the Neowiz Games employee, an employee of the brokerage firm hired to provide consultations on the stock purchase was also found to have also traded Game On stocks.
By Choi He-suk (
cheesuk@heraldcorp.com)