Enechange Files Response to FSA's Fine Recommendation

TOKYO, Jul 30 (Pulse News Wire) – ENECHANGE Ltd. (4169.T) filed a statement acknowledging the facts and amount of a proposed fine of ¥9.149 billion recommended by the Financial Services Agency (FSA).

The recommendation followed a June 12 notice from the Securities and Exchange Surveillance Commission urging the FSA to issue a penalty order against the company based on provisions of the Financial Services Act. On June 19, ENECHANGE received a notification initiating administrative proceedings from the FSA commissioner. In a board meeting held today, the company resolved to submit the acknowledgment to the FSA judge.

ENECHANGE plans to comply with any subsequent fine order issued by the FSA. The company stated it takes this situation seriously and will continue efforts to prevent recurrence while working to restore trust. It apologized again for causing inconvenience and concern to shareholders, investors, trading partners, and stakeholders.