Combine soy sauce, oil, sugar, garlic powder, ginger and water. Stir in livers and water chestnuts. Cover, chill 4-24 hours.
Cook bacon slightly, drain. Drain livers and water chestnuts. Wrap a bacon piece around a liver half and a water chestnut slice. Secure with a wooden toothpick.
Broil 4" from heat for 6-8 minutes or until livers are no longer pink, turn once.
Serve warm. Recipe can easily be doubled.