Activist Urges Japan’s Fuji Media to Probe Celebrity Scandal
- Former SMAP member Nakai has apologized over ‘problem’
- Rising Sun says coverup could damage shareholder value
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An activist investor is demanding that Japan’s Fuji Media Holdings Inc. investigate a scandal embroiling one of the country’s most prominent celebrities, saying lack of transparency over the issue could erode shareholder value.
James Rosenwald-backed Rising Sun Management Ltd. urged Fuji Media’s board to set up a third-party committee to investigate the facts behind the uproar over former J-pop idol turned TV host Masahiro Nakai, according to a letter it made public. Rising Sun represents Nippon Active Value Fund Plc, NAVF Select and accounts under management of Dalton Investments Inc.