. >> president kazuhiko asakawa made the remarks before the lower house financial affairs committee on tuesday. it was his first public appearance since the scandal broke. aij allegedly lost more than $1.2 billion of its clients money, much of it from corporate pension funds. the firm has been under investigation by the securities and exchange surveillance commission on suspicion of covering up losses and tricking new clients into signing contracts under false pretenses. >>> japanese electronicsmaker sharp has announced a capital tie up agreement with a major taiwanese manufacturer hon hai precision industry. >> translator: we'll build a strategic integration, capitalizing on the strength of each company. we will be able to offer attractive goods and devices for customers in a timely manner. >> takashi okuda said next to be the next president said on tuesday his company will receive $800 million from hon hai group by issuing new shares. as a result the group will own a 9.88% stake in sharp. sharp is expected to report a record net loss of $3.5 billion in the current business year endin

aij president kazuhiko asakawa told a surveillance commission that he wanted to collect and operate funds to recover the losses. the commission plans to look into the details of aij's fund managing operations and possibly file criminal charges against asakawa and other officials. >>> most of aij's investors are pension funds at small and medium sized companies. many depends on aij because it above theed high yields while interest rates remained near zero. this printing firm with ten employees asked aij to manage more than 50% of their retirement money. the company president says he wants the financial watchdog to clarify why aij put up such big losses. he also said president asakawa should explain in public how he failed in managing the assets. >> translator: under the current system, there is no doubt that companies that have made investments through aij will go out of business and their workers will lose their jobs. the government should decide swiftly whether and how it can help us. >> japan's central bank says a total value of financial assets held by japanese households fell in 2011.