MOST EXECUTIVES of the Japan Investment Corporation, or JIC, say they may resign amid a dispute with the industry ministry over pay.
The two sides initially agreed that the public-private fund’s president and executive directors would get annual paychecks of over 100 million yen, or 900 thousand dollars.
But this amount was later criticized in the media as being too high.
The ministry then asked the JIC to rethink the figure. However the organization refused, and so the ministry decided not to approve it.
Sources now say that among the JIC’s 11 executives, 9 from the private sector are expected to step down. They include President and CEO Masaaki Tanaka and the chairman of the board, Masahiro Sakane.
Tanaka is from the Mitsubishi UFJ Financial Group. Sakane is External Director at machinery maker Komatsu.
The JIC public-private fund was launched with about 17.7 billion dollars to invest in start-ups.(NHK)
20
