Japanese Forex Trader Uses Offshore Firm To Conceal Income
A foreign exchange trader has been arrested by the Japanese authorities
after allegedly attempting to conceal trading income in a foreign bank account
using an offshore company. Akihiko Kodama, 64, was arrested by the Tokyo District Public Prosecutors Office
on Wednesday after being accused of concealing 760 million yen (US$6.3 million)
over two years up to 2005. He is the second individual forex margin trader to
have been subject to such charges in recent weeks. According to Japanese media reports, Kodama is alleged to have set up two bank
accounts in Singapore; one in his own name and the other in the name of a paper
company registered in the British Virgin Islands. He then used both accounts
to deposit an inheritance, and invested it by trading foreign exchange and oil
futures contracts. Kodama is said to have made gains of 270 million yen from his own account,
and a further 500 million yen from the BVI company account. He stands accused
of evading about 270 million in taxes. Kodama denies the charges, arguing that profits made in the company account
could not be attributed to him. Last month, another forex margin trader was indicted for evading 140 million
yen in tax from 400 million yen in trading income. .
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