Execs of Japan Govt-Linked JIC Vow to Quit

Economy Politics

Tokyo, Dec. 10 (Jiji Press)--Japan Investment Corp. President Masaaki Tanaka said Monday he and eight other board members of the public-private investment fund will resign.

The JIC executives were at odds with the industry ministry, which supervises the fund, over executive pay and investment policies.

"The ministry's acts that undermined our relationship of trust led us to decide on our resignations," Tanaka told a press conference.

The executives' resignations mean that the fund, launched in September as the successor to Innovation Network Corp. of Japan with the aim of generating new industries, finds itself in a crisis less than three months after its establishment.

"After the positions taken by the ministry changed, it became difficult in practical terms for us to achieve the (initially set) goals," Tanaka said.

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Jiji Press