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MRI bows to FSA with vow to plan repayment

Kyodo

U.S.-based asset manager MRI International Inc., suspected of mishandling the funds of thousands of Japanese clients, responded to an order by the Financial Services Agency by promising investors a repayment plan.

Japan’s financial watchdog delisted the asset manager in late April, while investigators from the Securities and Exchange Surveillance Commission raided MRI’s Tokyo office looking for evidence of mismanagement that allegedly lost up to ¥130 billion in investor cash.

Though the Las Vegas-based asset manager disputes the FSA’s findings regarding its business practices, it is “working tirelessly to reorganize itself in compliance with the FSA’s order,” MRI said in a statement released Wednesday.

“MRI sincerely apologizes to all of its customers for the concerns caused by this incident and will continue to work with each of its investors individually in explaining to them the procedures moving forward,” the statement said.

As a show of good faith, MRI will send investors partial liquidation payments according to the deadlines set in their original investments, the statement said. Investors can call 0120-717-874 with their questions.