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Japan must reform inadequate protections against self-dealing

Pattern of payoffs to insiders harms general shareholders

| Japan
After the death of Akihiko Terada, founder of nursing home operator Nichii Gakkan, surviving family members sought a tax-effective way of maintaining control. Bain Capital was happy to provide a solution.

Stephen Givens is a corporate lawyer based in Tokyo.

Scanning the International Financial Law Review's Asia-Pacific 2020 "Deals of the Year" shortlist candidates the other day, my jaw dropped slightly at the three Japanese deals nominated as contenders for the year's best-lawyered transactions.

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