Japan Seeks Criminal Charges In Wal-Mart Unit Probe

Law360, New York (December 7, 2010, 8:21 PM EST) -- Japan's Securities and Exchange Surveillance Commission filed a criminal complaint Tuesday in its probe into insider trading at Seiyu GK, a Japanese subsidiary of Wal-Mart Stores Inc., that stems from Wal-Mart's 2007 buyout of the retail chain. 

Yoshimichi Ohara, 73, the husband of an independent director at Seiyu, purchased 268,000 Seiyu shares for 23.4 million yen ($280,000), just before Wal-Mart announced its tender offer to buy out minority stakeholders in the company in 2007, according to a report by Dow Jones Newswires.

After the announcement of...
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