AIJ chief admits loss cover-up

TOKYO: The president of Tokyo-based money manager AIJ Investment Advisors admitted to Japanese lawmakers yesterday to covering up losses of US$1.3bil in clients' pension money, but said he had no intention of cheating his clients.

In his first public comment since the scandal broke in February, Kazuhiko Asakawa apologised to clients and the financial industry for the cover-up and said he had been confident that the losses could be recovered.