The
figure was second only to renumeration for SoftBank Group Corp
<9984.T> Chief Operating Officer Marcelo Claure, which rose 17%
to 2.1 billion yen.
While offering big pay packets to foreign executives,
compensation for CEO Masayoshi Son was 209 million yen, a 9%
decline compared to a year earlier, a SoftBank filing showed.
SoftBank's massive annual operating loss was largely due to an
$18 billion shortfall at the $100 billion Vision Fund, which has
seen investments in startups like office sharing firm WeWork and
ride-hailing app operator Uber Technologies Inc <UBER.N>
flounder.
A key architect of the disastrous WeWork investment, vice
chairman Ron Fisher who was the group's most highly paid
executive in the previous business year, saw his renumeration
slashed 80% to 680 million yen. COO Claure has become WeWork's
executive chairman as SoftBank restructures the startup.
The heavily indebted tech conglomerate's growing dependence on
Japan's big three banks was underscored by the filing - with
borrowing from top lender Mizuho Financial Group <8411.T> more
than doubling to 1.39 trillion yen in the year ended March.
Together with Mitsubishi UFJ Financial Group Inc <8306.T> and
Sumitomo Mitsui Financial Group Inc <8316.T>, borrowing climbed
by more than 1 trillion yen to 2.45 trillion yen.
SoftBank's deteriorating performance has forced Son into a
programme of asset sales, including a 1.25 trillion yen
monetization of Alibaba <BABA.N> shares, to fund buybacks and
shore up the group's balance sheet.
Earlier this month Son told investors in May that tech unicorns
have plunged into the "valley of the coronavirus".
(Reporting by Sam Nussey; Editing by Edwina Gibbs & Simon
Cameron-Moore)
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