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Murakami-backed fund exposes sweet insider deal at Japan Asia Group

Activist investor provides diligence lacking in company's independent directors

| Japan
Japan Asia Group's Sano SolarWay in Tochigi Prefecture, which has a maximum capacity of 16.6 megawatt. (Handout photo from the company)

Stephen Givens is a corporate lawyer based in Tokyo.

Though his quest to gain control of Japan Asia Group -- an obscure Tokyo Stock Exchange-listed company engaged in a hodgepodge of "green" businesses -- still hangs in the balance, activist investor Yoshiaki Murakami deserves our admiration for ferreting out and exposing a bid by management insiders and private equity company Carlyle to take JAG private on the cheap.

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