SoftBank will loan up to $ 20 billion to employees to invest in new fund: WSJ

SoftBank Group's founder, chairman and CEO Masayoshi Son announces its corporate results on May 9, 2019 in Tokyo.

Alessandro Di Ciommo | NurPhoto | Getty Images

Japan's SoftBank Group Corp. plans to lend up to $ 20 billion to its employees, including CEO Masayoshi Son, to buy shares in the second Vision Fund, the Wall Street Journal reported on Saturday, citing people known with the case.

Son himself could make up more than half of that amount, the magazine reported, adding that executives believe such a move would make employees more responsible as investment in the fund could be canceled if a manager leaves or is found to have engaged in a " reckless agreement ".

The loans are likely to have an interest rate of about 5%, WSJ said, citing a source.

The government of Kazakhstan, an investor in the fund, is expected to make a contribution of around $ 3 billion while banks such as Goldman Sachs Group, UK Standard Chartered and Japan's Mitsubishi UFJ Financial Group have also indicated that they are willing to invest hundreds million dollars each, according to the report.

SoftBank is discussing with many pensions and insurance companies, including in Taiwan, for total investments that they hope will cross $ 30 billion, WSJ reported.

SoftBank was not immediately available for comment on Saturday.

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