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Japanese Forex Trader Uses Offshore Firm To Conceal Income

by Mary Swire, Tax-News.com, Hong Kong

10 May 2007


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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