False annual report to be deleted

In Japan, annual reports are published on the public website named EDINET.

Last year,  Teramento Corporation established within only one month submitted annual report which means Teramento bought SONY, TOYOTA, NTT and so on.

It needed 20 trillion yen to buy them, but Teramento’s capital was only 1000 yen.

FSA thought it was false and ordered Teramento to amend the annual report, but Teramento did not.

According to Financial Instruments and Exchange Act, which is Securities Act in Japan, FSA was only able to order to amend false annual report, not to delete it.

So Financial Instruments and Exchange Act  was amended and granted the Prime Minister authority to delete false annual report.

May 29, finally, FSA announced that they deleted the false annual report from EDINET.