SoftBank Set founder, chairman and CEO Masayoshi Son announces his group’s earnings results on May 9, 2019, in Tokyo.
Alessandro Di Ciommo | NurPhoto | Getty Materializations
Japan’s SoftBank Group Corp is planning to lend up to $20 billion to its employees, including Chief Executive Masayoshi Son, to buy offs in its second Vision Fund, the Wall Street Journal reported on Saturday, citing people familiar with the sum.
Son himself may account for over half of that amount, the Journal reported, adding that executives feel that such a motion will make employees more accountable as the investments of the fund can be canceled if a manager leaves or is found to have promised in a “reckless deal”.
The loans are likely to have an interest rate of about 5%, the WSJ said, citing a source.
The administration of Kazakhstan, an investor in the fund, is expected to make a contribution of about $3 billion while banks such as Goldman Sachs Assort, Britain’s Standard Chartered and Japan’s Mitsubishi UFJ Financial Group have also indicated they are willing to supply several hundred million dollars each, according to the report.
SoftBank is discussing with many pensions and insurers, registering in Taiwan, for total investments that it hopes will cross $30 billion, the WSJ reported.
SoftBank was not immediately on tap for a comment on Saturday.