The Ministry of Land, Infrastructure, Transport and Tourism held a meeting of external experts to discuss management improvement measures to deal with the problem of Japan's Overseas Urban Development and Transport Project (JOIN) suffering from large accumulated losses, and the meeting was held for the first time in Tokyo on the 6th. Drastic countermeasures such as how to accept risks will be discussed from the perspective of third-party expertise, and the results will be summarized by the end of this year. Decisions on new support will be postponed until the review is completed.
Professor Takeo Doi
At the beginning of the meeting, Yuki Tanaka, director general in charge of international affairs at the Ministry of Land, Infrastructure, Transport and Tourism, stated that she "attaches great importance to the recognition of JOIN's losses." As 2024 will be the year when the implementation status of the Japan Overseas Transport and Urban Development Corporation Act (JOIN Act) will be reviewed, "I would like to take this opportunity as an opportunity to make a fundamental assessment of JOIN."
Professor Takeo Doi of the Faculty of Economics at Keio University, who took on the role of chairman, said in his welcoming speech: ``This is a serious situation that could lead to the loss of valuable assets of the people. I would like to see a discussion on many points, including the importance of the existence of JOIN.'' Did = photo. In order to accurately verify the project, we have asked the secretariat to disclose as much information as possible.
The meeting is closed to the public except for the first part. In addition to academic experts, executives from trading companies, warehousing companies and auditing companies with knowledge of overseas business serve as committee members, and the committee will discuss the role and nature of PARTICIPATION, measures to improve management and other issues from a professional perspective. The committee will hold meetings once or twice a month and will summarize the discussion results by the end of the year.
JOIN reported a net loss of about 79.9 billion yen in its operating report for the fiscal year ending March 2024. The cumulative loss is 95.5 billion yen. Three urban redevelopment projects in Yangon, Myanmar, were suspended due to the coup, resulting in a loss of about 17.9 billion yen. The Shinkansen construction project in Texas, the United States, suffered a loss of about 41.7 billion yen due to the local operator's default due to the spread of the new coronavirus.
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