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. Last Updated: 07/27/2016

CSFP Charged in Japan




TOKYO -- Credit Suisse Financial Products and its former Tokyo branch manager were charged Wednesday with obstructing an investigation by Japanese financial authorities.


CSFP, based in London, and former manager Shinji Yamada are accused of helping 60 Japanese companies hide losses in violation of Japan's banking law, an official of the Public Prosecutor's Office said on customary condition of anonymity.


CSFP's banking license in Japan was revoked last month, and Yamada was arrested in November.


He was accused 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 official said.