This could go bump in the dark. The WSJ: The arrests on bribery charges of two Japanese businessmen Thursday — an official running a pension fund affiliated with a blue-chip company, and a Deutsche Bank AG employee seeking his business — were rooted in the quirks of Japanese law, and its pension industry.
Lavish entertainment of the type alleged by police wouldn’t have led to arrests if the pension fund had come fully from private sources. But many Japanese pension funds mingle private monies with government subsidies. That makes pension fund managers — and those asset managers seeking their business — subject to the antibribery laws that affect civil servants. Those cover not just direct payments for contracts, but also heavy spending on entertainment.