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Japanese fund manager faces arrest

Japanese fund manager Yoshiaki Murakami is facing arrest after his alleged involvement in the Livedoor scandal.

The charges relate to the shareholder violating insider trading laws during a takeover bid of the Livedoor company back in 2005.

Despite saying he unwittingly violated the insider trading laws, Mr Murakami – a former trade ministry official – has now resigned from the fund.

Four other former executives who worked at the internet company Livedoor are also on trial for falsifying corporate accounts.

The 47-year-old Mr Murakami is one of Japan's most notorious fund managers but has admitted his dealings could be construed as unlawful.

He told reporters at the Tokyo Stock Exchange: "I consider myself a pro among pros, but I had to consider the outside possibility that I had made a mistake. I have decided to meekly admit my wrongdoing."

Mr Murakami headed up the MAC Asset Management fund, the headquarters of which were located in Singapore, back in March.