The Ministry of Economy, Trade and Industry (METI) recently withdrew its request to allocate a portion of the FY2019 Fiscal Budget for Government Investment to Japan Investment Corporation (JIC).
This request was initially intended to inject equity to expand the activities of JIC. JIC inherited all the assets, including 160.4 billion yen in cash and cash equivalents of the former Innovation Network Corporation of Japan (INCJ) when JIC was established as the parent entity in September 2018 and based on this capital and guaranteed loans by the government, existing projects under the former INCJ scheme will continue to be conducted.
INCJ, Ltd. continues its normal business operations
INCJ, Ltd., which was re-structured as a separate subsidiary entity during the formation of JIC in September 2018, is still managed by the same executives and under the same rules as existed before the creation of JIC.
JIC, as a parent company of INCJ, Ltd., is responsible for providing capital for activities of INCJ, Ltd., the provision of the capital necessary for INCJ, Ltd. will continue regardless of the resignation of JIC executives.
INCJ, Ltd. continues to support its investees
Regarding the agreements between investees and INCJ, Ltd., all communications made to this point in time will remain in effect, and INCJ, Ltd. will continue to actively support its investees.
JIC, as the parent company of INCJ, Ltd., will continue to provide capital to INCJ, Ltd. while working towards securing new executive leadership at the earliest possible time.