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Boardroom revolt brings Japan's state-backed fund to a halt

Departing directors lob harsh criticism at government

President Masaaki Tanaka and eight other board members at Japan's top public-private fund resigned as they clashed with the government over the state's role in private investment.

TOKYO -- Japan's largest public-private fund has suspended operations after a feud over executive compensation morphed into a more fundamental dispute over government's role in venture investment, leading to the resignation of nine board members.

Japan Investment Corp. President Masaaki Tanaka announced his resignation Monday, along with eight other nongovernment directors. The 2 trillion yen ($17.7 billion) fund, created less than three months ago, will suspend fresh investments.

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