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SoftBank plans to lend up to $ 20 billion to employees to invest in new fund: WSJ



CEO of Japanese SoftBank Corp Corp Masayoshi Son attends a press conference in Tokyo, Japan, November 5, 2018. REUTERS / Kim Kyung-Hung

(Reuters) ̵

1; Japanese SoftBank Group Corp. ( 9984.T ) plans to allocate up to $ 20 billion to its employees, including CEO Masayoshi Son, to buy shares in its second Vision fund, Wall reported. Journal on Saturday on.wsj.com/307Ljih, citing people familiar with the matter.

The son himself could account for more than half that amount, reports The Journal, adding that executives believe such a move would make employees more responsible, as the fund's investments could be canceled if the manager leaves or is found to be engaged in a "reckless transaction".

The loans probably have an interest rate of about 5%, the WSJ said, citing a source.

The Government of Kazakhstan, an investor in the fund, is expected to contribute about $ 3 billion, while banks such as Goldman Sachs Group Inc ( GS.N ), the British Standard Chartered PLC ( STAN .L ) and Japan's Mitsubishi UFJ Financial Group Inc ( 8306.T ) have also indicated that they are ready to invest several hundred million dollars each, according to the report.

SoftBank is discussing with many pensions and insurers, including in Taiwan, about total investments it hopes to cross $ 30 billion, WSJ reported.

SoftBank was not immediately available for comment on Saturday.

Report by Kanishka Singh in Bengaluru

Our Standards: Thomson Reuters Principles of Trust.

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