REFILE-UPDATE 1-Chief of Japan's state-backed JIC resigns amid pay dispute [Reuters (UK)]
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Source: Reuters
Chief of Japan's state-backed JIC resigns amid pay dispute | Reuters 3 Min Read TOKYO (Reuters) - The head of the state-backed $18 billion Japan Investment Corp (JIC), Masaaki Tanaka, said on Monday he and eight other board members would resign citing distrust of the trade ministry after a dispute over their pay. The resignations throw into turmoil the public-private fund launched only three months ago with 2 trillion yen ($18 billion) of government money to help boost innovation among Japanese companies. An official at the Ministry of Economy, Trade and Industry, which oversees the JIC, last week criticized what it sees as excessive pay demands by Tanaka and other top management and said trust between the ministry and the JIC had been damaged. The dispute highlights the difference in perceptions between the JIC and the government over the fund’s mission. The JIC wanted to make aggressive investments, as global private equity firms such as KKR & Co ( KKR.N ) and Bain Capital would d
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