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Japan minister says he by no means requested adviser to contact Toshiba shareholders By Reuters 


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© Reuters. FILE PHOTO: The brand of Toshiba Corp. is seen on the firm’s facility in Kawasaki, Japan June 10, 2021. REUTERS/Kim Kyung-Hoon

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TOKYO (Reuters) -Japan’s commerce minister on Friday stated he by no means directed an adviser to contact Toshiba (OTC:) Corp shareholders after a report accused his ministry of colluding with firm executives to strain stockholders to fall in keeping with its administration plans.

The Ministry of Financial system, Commerce and Business (METI) is ready for Toshiba to reply to the report from unbiased investigators, Hiroshi Kajiyama stated at a daily press briefing.

The report says Toshiba’s administration requested METI to assist counter activist abroad inventory homeowners at its annual basic assembly final July.

The shareholder-commissioned report launched on Thursday additionally alleges that Prime Minister Yoshihide Suga, when he was chief cupboard secretary final yr, verbally inspired that strain throughout a gathering with a senior Toshiba government.

Suga, who left Japan yesterday for a gathering of G7 leaders in Britain, has denied that allegation

As a part of METI’s response, particular adviser Hiromichi Mizuno approached Harvard College’s endowment fund warning it that its vote may very well be topic to a regulatory probe, sources instructed Reuters final yr. The U.S. college subsequently abstained from the vote.

Mizuno, who describes himself as a good friend of tech entrepreneur Elon Musk and serves on Tesla (NASDAQ:) Inc’s board, oversaw Japan’s $1.4 trillion Authorities Pension Funding Fund (GPIF) earlier than turning into a METI adviser. In December, he was appointed as United Nations Particular Envoy on Modern Finance and Sustainable Funding.

Mizuno didn’t instantly reply to a request for remark.

Toshiba’s shares fell 1.7% in early commerce whereas the was principally flat.

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