TCI, a British hedge fund in a proxy battle with J-Power, stepped up its campaign Thursday by sending a letter to fellow shareholders of Japan’s biggest power wholesaler, accusing the utility of unfair selection of board members and unprofitable equity investments.
The Children’s Investment Fund Management (U.K.) LLP, as TCI is officially known, said Electric Power Development Co., J-Power’s full name, is selecting board members and auditors based on a corrupt “amakudari” practice where government officials are promised jobs after leaving office.
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