Japanese GOCCs Sample Clauses

Japanese GOCCs. In 1982 and 1983, the three Japanese public corporations (Japan National Railways, the Nippon Telegraph and Telephone Public Corporation and the Tobacco and Salt Monopoly) were converted into stock companies on the recommendations of the Special Administrative Study Group. This decision was intended to restructure their operations, prevent them from holding complete monopolies, and adapt them better to the high information society, as well as acceding to foreign demands for greater market access. As a result, Japan National Railways was split, and six passenger railway corporations and one freight railway corporation were established (JR). The debts of the former Japan National Railways were taken on by the Japan National Railways Settlement Foundation. The Nippon Telegraph and Telephone Public Corporation and the Tobacco and Salt Monopoly were privatized as Nippon Telegraph and Telephone Corp. (NTT) and Japan Tobacco Corp. (JT), respectively. As of March 31st 1996 the government still held shares of 65% and 80% respectively in these two corporations. The Japanese government holds investments in a total of 94 companies, including NTT, JT and the Japan National Railways Settlement Foundation as of March 31st 1996. The 94 companies are composed of 9 finance corporations, 4 banks, 13 public corporations, 64 business consortia and 4 special companies. These fit the description of GOCCs for the purposes of this report. (There are also five savings and insurance organizations which should be excluded from consideration here, because the government does not hold a majority of shares, but they are included as their influence on overall figures is slight. The GOCCs financed by regional governments are excluded from the examination in this report). Of the total capital value of these 94 companies (¥29.5 trillion), the value of government investment is ¥28.3 trillion. The value of their long-term borrowing, including bonds, is ¥282 trillion, of which over ¥244.5 trillion is borrowing from government investment finance. Thus these companies rely on the state for around 87% of their borrowing. Among these companies, 16 were expected, from their income statements on March 31st 1996, to record losses. The GOCCs making large losses were the Japan National Railways Settlement Foundation, the Honshu-Shikoku Bridge Link Consortium and the Kansai International Airport Co., Ltd. Setting aside the Japan National Railways Settlement Foundation as a separate case, the Honshu-Shik...
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Related to Japanese GOCCs

  • Japan There are no country-specific provisions. Korea

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