Yoshiaki Murakami, Japan's best-known fund manager, took the stand for the first time in his own trial Tuesday, telling the court he initially owned up to insider trading to save other executives of his fund from being prosecuted.
Murakami, who once headed investment advisory firm MAC Asset Management Inc., now known as MAC Asset Management Pte., Ltd., is accused of engaging in insider trading of Nippon Broadcasting System Inc. shares. He has pleaded not guilty since his trial opened in December.
Taking the stand at the Tokyo District Court, the talkative 47-year-old financier said that during the first part of his three-day interrogation last June, he strongly denied allegations by prosecutors that he was told by executives of Livedoor Co. that they were prepared to invest in NBS in 2005.