TOKYO: Japanese telecommunications company SoftBank Corp. President Junichi Miyakawa has indicated that he hopes to reach an agreement by July with South Korean technology firm Naver Corp. over their current equal stakes in LY Corp. through an intermediate holding company.

Speaking at a press conference on Thursday, Miyakawa vowed to work to reach an agreement “in time” for July 1.

That, however, will be an extremely difficult affair, he added.

LY, the operator of internet portal Yahoo! Japan and messaging app Line, received administrative guidance twice from Japan’s communications ministry over massive breaches of personal information caused by cyberattacks via a Naver system.

Blaming as a cause of the data breaches the firm’s insufficient management of Naver, which handles operations outsourced by LY, the ministry asked LY to reconsider its capital ties with the South Korean firm and report back by July 1.

Miyakawa voiced hopes that the reviewing of investment ratios will be limited to an extent that does not affect LY’s businesses.

Miyakawa’s statements came a day after LY President Takeshi Idezawa said that negotiations are under way between SoftBank and Naver over reviewing capital ties.

JIJI Press