The Tokyo branch of Cresvale International Ltd. said Monday it knew nothing about the losses incurred on the privately placed bonds it had marketed since 1991, blaming its parent company for the mismanagement of clients’ money.

Cresvale officials briefed its Japanese corporate customers Monday morning on the losses of privately placed bonds it sold on behalf of Princeton Economics International Ltd. at a Tokyo hotel. Representatives from 36 clients participated.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.