TOKYO -- A former outside director with a Japanese automotive electronic parts maker is under investigation for allegedly trading the company's shares using nonpublic information, a person with knowledge of the matter said.
After learning that Tokyo Stock Exchange-listed Sumida planned to significantly increase its dividend payout, the 64-year-old man allegedly bought a large number of shares and made considerable gains by selling them when the price rose after the information became public, the person said.
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