Pickens Vows Fight at Economic Summit

Texas oilman T. Boone Pickens said today he will take his fight for access to investments in Japan to the Houston economic summit in July and make his case a test of Japan’s promise to open its markets.

“I may not know my way around Tokyo, but I know how to get things done in Houston,” Pickens said at a news conference.

Pickens has been trying for 16 months to gain representation on the board of Japan’s largest auto parts maker, Koito Manufacturing Co.

He is the company’s major shareholder with 26% of the stock but has been denied seats on the board, a fact Pickens said exemplifies Japan’s closed-door policy on foreign investment.

Pickens will press his case at Koito’s annual shareholders meeting Thursday, but admitted he expects to be rejected by a majority of shareholders close to Koito management.

He said his next step will be to try to get the issue on the agenda of the Houston economic summit, where the leaders of the top seven industrialized nations meet beginning July 9.

“Prime Minister (Toshiki) Kaifu has indicated he does not want to take any unresolved (trade) issues to the Houston economic summit,” Pickens said. “I will have no problem taking the keiretsu (Japan’s closed business practices) issue and my experience in corporate Japan to Houston.”

Pickens’ visit to Japan coincides with the latest round of U.S.-Japanese trade talks, and he is also seeking help from the U.S. trade negotiators.

U.S. officials said Monday they are pleased with Japan’s proposals to open its markets.