Japan Arrests Ex-Credit Suisse Exec
TOKYO (AP) _ A former Tokyo branch manager of Credit Suisse Financial Products was arrested Wednesday on suspicion of obstructing an investigation by Japanese financial authorities.
Japanese regulators previously decided to revoke the banking license of the Zurich-based CSFP’s Tokyo branch as of Nov. 30 for allegedly helping about 60 Japanese companies hide losses in violation of Japan’s banking law.
Arrested on Wednesday was Shinji Yamada, 46, a former manager of CSFP’s Tokyo office, a Tokyo Metropolitan Police Department spokesman said on customary condition of anonymity.
Yamada is suspected of instructing employees to destroy transaction records and shred documents involving a number of clients during an audit by Japan’s Finance Supervisory Agency in January, the spokesman said.
Yamada’s arrest came a month after Tokyo police raided CSFP’s Tokyo branch and his home to collect evidence.
Credit Suisse has said that eight employees linked to obstructing the audit were fired. Yamada was one of the eight, Regula Arrigoni, spokeswoman for Credit Suisse Group, said in Zurich.
Credit Suisse is working closely with Japanese financial regulators on an ``improvement plan″ for its remaining units in Tokyo, Arrigoni said.