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Shinsei shareholders shouldn't bear cost of Japan's 1998 bailout

As SBI bids to privatize bank, FSA is focused on recouping funds from LTCB rescue

| Japan
SBI is expected to pay a higher price for the government's shares in Shinsei than it is offering to general shareholders. (Photo by Yutaka Miyaguchi)

Stephen Givens is a partner with the corporate law firm JLX Partners in Tokyo.

Among the conflicts of interest permeating the efforts of SBI Holdings to take affiliate SBI Shinsei Bank private, none is more fascinatingly Japanese than the clash between the dual roles being played in the drama by the country's Financial Services Agency.

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