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Police arrested a former official of a liquor retailer union Thursday on suspicion of damaging the group by losing most of the 14.4 billion yen in pension funds that had been invested in foreign bonds, sources said Thursday.

Police arrested Hideo Seki, 49, former secretary general of the All Japan Liquor Merchants Co-operative Association, and Takeshi Sunago, 44, a company executive alleged to have brokered the investment, alleging they damaged the association via a failed pension fund investment.

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