Japan’s Securities and Exchange Surveillance Commission (SESC) is investigating possible insider trading around the takeover by Wal-Mart of Seiyu Ltd in 2007, local media reports have said.
The US retail giant completed a tender offer to acquire total control of former Japanese subsidiary Seiyu in December 2007. However, Wal-Mart Stores is now said to be cooperating with an investigation into possible insider trading connected to the transaction, the news agency Reuters said.
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“We have fully cooperated with the authorities for their investigation and will continue to do so,” said Kumie Wama, a Tokyo-based spokeswoman for Wal-Mart was quoted by Reuters saying.
