P.M. BRIEFING : New Problem Emerges for Pickens
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TOKYO — Japan’s Finance Ministry is investigating a possible new technical irregularity in the purchase of 32.4 million shares of a Japanese auto lighting company by U.S. corporate takeover specialist T. Boone Pickens Jr., news reports said today.
The reports said the ministry had discovered that the Azabu Auto Group, from which Pickens bought his 20.2% share in Koito Manufacturing Co., originally did not report to authorities that it had bought more than a 10% interest in the lighting firm.
Failure to make such a report could be a violation of Japan’s Securities and Exchange Law. (Japanese firms hostile to Pickens. Part IV, Page 3.)
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