Eitaro Itoyama, the biggest and most controversial shareholder in Japan Airlines (JAL), is threatening to mount a hostile takeover bid to oust the airline's management.
Itoyama says he is putting together a group of investors to buy a 30% controlling stake in the carrier by the end of this year. Declining to name other investors, he says the group now holds about 8% of the airline, with Itoyama owning 4%.
He has previously called for the resignation of senior JAL management and repeatedly threatened to sell his stake, but insists his new move is serious.
He says he is acting because of JAL's losses, scandals and its debt of ´1.5 trillion ($12.87 billion).
JAL, which has declined to comment on Itoyama's statements, returned to profit in the last fiscal year, reporting a group net gain of ´26.77 billion.
In recent months the airline has been embroiled in a tax investigation, with Tokyo accusing it of failing to declare ´2.4 billion of income between the financial years 1993 and 1997.
Source: Flight International
