Bab 333: Chapter 333: "Reasonable and Legal" Division of the Spoils
Hardy reviewed the catalog of seized and confiscated Japanese companies, which included many that had supported the Japanese military during World War II.
**Mitsubishi Heavy Industries** had been a major military manufacturer, producing aircraft carriers, battleships, aircraft, tanks, and artillery from 1937 to 1945. After the war, all military factories were seized by the United States, and the Mitsubishi conglomerate was broken up.
**Kawasaki Heavy Industries** had provided fighter jets, transport aircraft, and military motorcycles during the war. They also built battleships and aircraft carriers.
**Panasonic** produced a range of military equipment, including fighter jets, bombs, and communication devices from 1936 to 1945.
**Toshiba** was involved in manufacturing medium tanks, machine guns, and mountain artillery from 1939 to 1945.
**Fuji Heavy Industries** produced over 20,000 military aircraft during the war, accounting for a significant portion of Japan's military aircraft.
**Yamaha**, originally a musical instrument company, produced aircraft parts during the war, and some of its factories were seized.
**Nikon** supplied the Japanese military with telescopes, sights, rangefinders, aerial cameras, and periscopes.
**NEC** and **Sumitomo Electric** produced radars, wireless phones, and other electronic equipment for the Japanese military during the war.
**Nissan** manufactured military vehicles, including cars and trucks.
**Isuzu** provided the Japanese military with armored vehicles, tractors, and military trucks.
**Nakajima Aircraft** was a major provider of fighter jets for the Japanese military and was fully seized and confiscated after the war.
**Hitachi** produced warships, tanks, aircraft engines, and other parts during the conflict, with some factories closed down post-war.
**Hino** manufactured engines for Kamikaze aircraft and provided other military equipment.
In total, about 300 military-industrial companies were involved, including those producing bullets, chemicals, and logistics materials.
Hardy noted that even if only these 300 companies were acquired, it would be sufficient to satisfy the seven major consortia. As an "economic envoy," he had the authority to deal with these enterprises and intended to make the most of it.
Many people had expressed a desire to take action against Japanese companies during the war, and now that he had the opportunity, Hardy was determined to act decisively. The anger from anti-Japanese sentiments would not be wasted; the opportunity to leverage these companies was too significant to ignore.
The current state of Japan's economy was fragile. Post-war, many of Japan's large consortia were dismantled, and their industries were severely weakened. Hardy knew that while Japan's economy was struggling, its industrial base still held considerable potential.
After a day of reviewing the list, Hardy called a meeting with representatives from other consortia to discuss the plan for the acquisition and utilization of these assets.
The next day, the representatives of various consortia arrived in Los Angeles and gathered at Hardy's Beverly Hills estate.
Hardy addressed the group, "You've all seen the Japanese business directory. What are your thoughts?"
The vice president of Morgan Stanley commented, "Japan's financial sector is currently very weak. This is an excellent opportunity for us to acquire their banks and other financial assets."
The vice president of Rockefeller added, "Japan has a well-developed industrial chain. Their industry has grown rapidly since the Meiji Restoration, and their workers are highly skilled but relatively inexpensive. This presents a great opportunity for establishing industrial operations."
Others also expressed their views, highlighting various aspects of Japan's potential for investment and profit.
Hardy outlined his plan: "I want us to discuss how to handle these companies. There are about 300 companies across various industries that were seized by the US military. My idea is to determine a 'reasonable' price for each industry, get that price approved by the President and Congress, and then purchase them legally."
His emphasis on the terms "reasonable" and "legal" was clear, and the experienced businessmen present understood his intentions immediately.
The representatives nodded in agreement.
One of them said, "Mr. Hardy's approach seems very sound. Setting a price and obtaining approval will ensure that we acquire these assets legally and effectively."
Hardy concluded, "Exactly. Once the prices are set and approved, we'll coordinate the acquisition. Let's work together to maximize our gains."
The consensus was clear. The plan was set in motion, with each consortium preparing to seize the opportunity presented by Japan's post-war economic landscape.
Bab 334: Chapter 334: Tax Haven
Each participant in the meeting had a list of companies to evaluate. Hardy began by pointing to the first name on the list and said, "Yokosuka Naval Shipyard, located near Tokyo Bay, is one of Japan's four largest shipyards. What do you think it's worth?"
The representative from the Mellon Consortium spoke up. "When Japan built the Yokosuka Shipyard, it used equipment from our shipbuilding equipment company and was guided by us. If I recall correctly, the total investment back then was around $45 million."
"As for the current value, even considering potential damage, I'd estimate it at $8 million," the Mellon representative proposed.
The others nodded in agreement; it was a low estimate.
Hardy pondered for a moment and suggested, "How about we value it at $3.85 million?"
The room went silent, then everyone's eyes widened. The proposed price was significantly lower than expected.
The capitalists present were intrigued. The idea of drastically reducing the price was thrilling to them. The lower the price, the less they would pay and the more they would profit.
The discussion continued with Hardy naming the next company on the list.
"The Yokohama Mitsubishi Shipyard, located in Yokohama, has a strong record of producing aircraft carriers and battleships. It's comparable to Yokosuka Shipyard. What should we offer?"
"$4.5 million?" the Morgan Stanley vice president suggested tentatively.
"That's a bit high. How about $3.68 million?" Hardy countered.
"Agreed!"
"The price is acceptable."
"Noted."
The process continued with further evaluations:
- **Kawasaki Shipyard**: $3.55 million.
- **Wugang Naval Shipyard**: Due to its proximity to Hiroshima, which was bombed, it was in ruins. A price of $1 million was considered high.
- **Mitsubishi Nagasaki Shipyard**: Also suffered from nuclear bombing and was not highly sought after.
- **Asano Shipyard**
- **Sasebo Naval Shipyard**
When it came to aircraft manufacturers, American military interests were not strong, as Japanese aircraft had been heavily defeated in combat. Consequently, these were priced even lower.
The focus then shifted to military automotive companies and steel producers.
By evening, Hardy called for dinner, and after the meal, discussions on pricing resumed, extending into the night. The finalized list of prices for the seized military assets came to $570 million.
Despite their efforts to drive prices down, the total was substantial given the number of companies involved.
"Everyone, it's very late. Let's rest and continue our discussions tomorrow," Hardy suggested.
The group agreed and left in good spirits.
The next morning, everyone returned promptly. Hardy addressed them, "We all know that the actual value of these companies is much higher than our pricing. Now we face two main issues. First, we need to push Congress to approve these prices. The seven of us must act collectively on this."
Everyone agreed. The major consortia, including Rockefeller and Morgan, had significant influence in Congress, and with their combined efforts, passing the prices would be straightforward.
"Secondly, we need to decide how to distribute the profits. My proposal is for us to hold equity together, forming a unified entity. This way, we can deepen our cooperation and streamline the management of these companies," Hardy continued.
He explained that if everyone bought separately, it could lead to fragmented interests and competition.
The vice president of Morgan Stanley raised a concern. "Mr. Hardy, while I agree that joint investment and cross-shareholding are beneficial, holding over 300 companies might attract scrutiny from both the U.S. and Japanese governments. Monopolistic practices are closely monitored."
Hardy was prepared for this. He had planned for this cross-shareholding structure to serve as a basis for establishing offshore companies.
"Do you all know that I've become a Baron of the Cayman Islands?" Hardy asked.
Someone smiled. "Yes, we've heard about your connection with Princess Margaret. We were curious but respectful enough not to ask directly. Would you care to elaborate?"
Hardy quickly waved off the suggestion. "It's just a rumor. What I want to convey is that, as the Governor of the Cayman Islands, I have the authority to establish autonomous regulations, including administrative, legislative, taxation, and diplomatic rights."
"I plan to make the Cayman Islands a tax haven with no personal income tax, corporate income tax, capital gains tax, or real property tax."
The financial experts present were immediately interested. "If we set up companies in the Cayman Islands for import and export trade, we can save significantly on taxes," one remarked.
High taxes can often take up to 35% of profits, especially in large transactions. Reducing this could mean substantial savings.
"I'll provide more details about the Cayman Islands later. When we return to invest in Japan, we can register hundreds of companies in the Cayman Islands and use them to acquire control of Japanese companies," Hardy proposed.
"The Cayman Islands operate under strict confidentiality, with no disclosure of shareholder information to any government, including the U.S. and UK. Additionally, there are no foreign exchange controls."
He added, "With cross-shareholding, managing these companies will be straightforward for any bank or financial institution."
The group finally understood Hardy's strategy. The prospect of tax-free investments and confidential operations made the Cayman Islands appear as a highly attractive investment haven.
The proposal was not only advantageous for the Japanese investments but could also be applied to other international ventures by the consortia, maximizing profits while minimizing tax liabilities.
The vice president of Morgan Stanley asked eagerly, "Mr. Hardy, I agree with your cross-shareholding proposal. I'd like to hear all the regulations on Cayman financial management in detail."
Others nodded in agreement. Their interest in the Cayman Islands had now surpassed their interest in Japanese investments.
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