The Financial Services Agency said Tuesday it has revoked the license of an investment trust firm known for its successful investment in the 2006 award-winning Japanese film "Hula Girls."
Japan Digital Contents Trust Inc., listed on the Mothers section of the Tokyo Stock Exchange, was stripped of the license partly because its net assets plunged below the legally mandated line of ¥100 million in breach of the investment trust law, the FSA said.
In addition, the company infringed the law by managing the funds it had collected from investors in a sloppy and illicit manner, the financial market watchdog said.
Japan Digital Contents is the first company to have its license revoked as a result of a breach of the revised investment trust law.
The law was stiffened in 2004.