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Japanese state-backed fund in executive pay dispute

Reuters  |  TOKYO 

By Junko FujitaTOKYO (Reuters) - Japan's relationship with state-backed Japan Investment Corp (JIC) has been damaged by excessive pay demands, an economy ministry official said on Monday.JIC Chief Executive Masaaki Tanaka walked out of a Nov. 24 meeting to discuss remuneration levels at the investment fund, which was formed in September to manage more than $17 billion of public money, ministry official Keisuke Sasaki said.JIC is seeking annual compensation of about 55 million yen ($480,000) for Tanaka and top management, Sasaki said, adding that this is higher than the Bank of Japan ...

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First Published: Mon, December 03 2018. 19:08 IST