AIJ was only responsible for 2.6 billion but the funds went from Japan, to the Caymans, to Hong Kong, and then went poof!
This will affect the pension funds of about 120 Japanese companies.
The threat to economic security is not in this relatively small amount of money but the trust that has been violated by financial practices that promote greed and indifference to the actions of financial managers on those they ostensibly represent. This apparently shady activity is better served by those that frequent gambling houses not those that are squirreling away their hard earned money for their own and their families futures.
AIJ Investment Advisors Co. transferred huge sums in corporate pension assets it manages to a fund in the Cayman Islands and then moved the money to the Hong Kong account of a major European bank, sources said.
The Securities and Exchange Surveillance Commission has not been able to trace where the money went after reaching Hong Kong.
The sources said the SESC was investigating the motive for transferring the funds overseas, including the possibility that the money may have been misappropriated.
It turns out that several of the companies and organizations that entrusted assets in pension funds to AIJ may lose up to half of what had been set aside to make pension payments.
Every worker in every nation deserves better.