JIC CEO, Other Board Members to Step Down

Economy Politics

Tokyo, Dec. 9 (Jiji Press)--The chief executive officer and eight other board members at Japan Investment Corp. plan to step down amid a dispute over the industry ministry, informed sources said Sunday.

Masaaki Tanaka, president and CEO at JIC, a government-backed investment fund, has been in a fierce dispute with the ministry over executive compensation and investment plans.

Tanaka, a former banking industry executive, has found it difficult to mend ties with the ministry, the sources said.

The nine are expected to express their intentions to step down as early as Monday, the sources said.

The remaining two members of JIC's 11-member board of directors are from the industry and finance ministries.

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Jiji Press