Japanese Environmental Advocacy Group Issues Open Letter to Bondholders Concerning Coal-Fired Power Projects

Our firm represents the senior executives of five international environmental advocacy groups in an SEC whistleblower action concerning a bond issuance made by Japan’s infrastructure bank (JICA). JICA raised approximately $500 million from U.S. investors by issuing bonds, the prospectus for which promised that none of the bond proceeds would be used to fund the construction of coal-fired power projects. In reality, JICA has in fact been funding several such projects, contrary to its promises, contrary to its stated mission and contrary to Japan’s commitments as a member of the G7.One of our clients, Japan Center for a Sustainable Environment and Society (JACSES), recently issued an open letter to U.S. institutional investors who have either maintained or increased their JICA bond holdings, making public their investments, requesting that they divest their JICA bond holdings and asking them to explain how their investment decisions are consistent with their public statements regarding environmental sustainability.For further background on the whistleblower action, including links to international media coverage, click here.If you have original information concerning any securities or bond issuer’s unlawful conduct in selling its investments within the U.S. securities markets, please contact a securities attorney at The Galbraith Law Firm by calling 212.203.1249 or emailing kevin@galbraithlawfirm.com.