150 B. Yen Left Irrecoverable after Japan Fund’s Aid for JDI

Tokyo, March 14 (Jiji Press)--Government-backed fund INCJ Ltd. said Friday that it has completed the sale of its shares in struggling Japan Display Inc., leaving 154.7 billion yen of its investment and loans irrecoverable.

INCJ, previously called Innovation Network Corp. of Japan, provided the liquid crystal display maker 462 billion yen in investment and loans, of which only 307.3 billion yen was recovered.

“I am deeply sorry that, despite having taken risks and invested in this project for 13 years, we have only managed to recover 66 pct of our total investment and loans,” INCJ Chairman and CEO Toshiyuki Shiga said in a statement.

JDI was established through the integration of small and midsize LCD production operations of Hitachi Ltd., Toshiba Corp. and Sony Corp. INCJ supported JDI’s reconstruction since it was Innovation Network Corp. of Japan.

INCJ, which once held a 70 pct stake in JDI, was gradually selling JDI shares as the fund reaches the end of its mandate at the end of this month. As of the end of September last year, INCJ had only 0.26 pct of JDI in terms of voting rights.

[Copyright The Jiji Press, Ltd.]