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Askul directors criticise shareholder Yahoo Japan over vote

Askul Corp.’s independent directors criticised Yahoo Japan Corp., the company’s largest shareholder, for voting against their reappointment, escalating the public dispute before key meetings this week.

In a declaration on Sunday, Kazuo Toda, Hideaki Miyata and Atsushi Saito informed the Tokyo Stock Exchange that the adverse decision “trampled” commercial management at Askul and made it “nearly difficult for autonomous managers to supervise disputes of concern.”

The unusual case of government bickering in western Japan first erupted this month after Askul suspected Yahoo Japan of breaking the essence of their contract by requiring the purchase of internet mail-order company Lohaco, which was collectively established by the two firms in 2012. In effect, Yahoo Japan intends to oust the chief executive officer of Askul, Shoichiro Iwata, and the autonomous managers, stating that it is dissatisfied with the declining company of the company.

Iwata hazards leaving its place at a shareholder conference owing Friday without Yahoo Japan’s support. Askul is now planning to practice its obligation to request that Yahoo Japan buy its 45% interest at Thursday’s committee conference.

Whether it can force a transfer depends on the understanding of an arrangement reached when the first investment in Askul was made by Yahoo Japan, supported by SoftBank Group Corp. Yahoo Japan said it had no idea of offloading the stock, valued at around 67 billion yen.

 

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