Arab Today, arab today tepco \offers controlling stake\ to japan govt
Last Updated : GMT 22:52:10
Arab Today, arab today
Arab Today, arab today

TEPCO \'offers controlling stake\' to Japan govt

Arab Today, arab today

Arab Today, arab today TEPCO \'offers controlling stake\' to Japan govt

Tokyo - AFP

The operator of the crippled Fukushima nuclear plant on Friday offered the Japanese government a controlling stake in return for a huge cash injection that would prevent it going under, media reported. Tokyo Electric Power (TEPCO) submitted a restructuring plan to the government that will allow for the defacto nationalisation of the company in return for a $12 billion payment, reports said. The utility needs the money to pay the vast clean-up bills from the accident at Fukushima, when reactors were sent into meltdown after last year\'s tsunami struck. It also faces colossal compensation claims from hundreds of thousands of people affected by the worst nuclear accident in a quarter of a century. A company spokesman confirmed a plan to turn the company around had been submitted to the government, but refused to give details of its contents. \"This is an important step as we continue to swiftly and appropriately compensate people who have been affected (by the nuclear accident),\" the spokesman told AFP, adding specifics would be revealed once the plan had been approved by government. Local media said TEPCO has asked the government to inject one trillion yen ($12 billion) of capital, with the company offering a stake of up to two-thirds in return. The firm will also seek permission from the government to raise household electricity rates by 10 percent from July, while vowing to make 3.3 trillion yen in cost savings over the next decade, Jiji Press said. Trade and Industry Minister Yukio Edano, whose brief covers the nation\'s power industry, is expected to approve the restructuring plan in early May, local media reported. The plant, which lies about 220 kilometres (135 miles) northeast of Tokyo, was hit by meltdowns and explosions triggered by Japan\'s massive earthquake and tsunami in March last year. The government said last week that Kazuhiko Shimokobe, a 64-year-old lawyer, will become TEPCO\'s new chairman, adding that the personnel change will be endorsed at a shareholders\' meeting scheduled for June. The government hopes Shimokobe will take the lead in turning around the utility -- one of the world\'s largest -- as it compensates people and companies affected by the disaster and decommissions the four crippled reactors. Radiation was scattered over a large area and made its way into the sea, air and food chain in the weeks and months after the disaster. Tens of thousands of people were evacuated from their homes around the plant and swathes of the area remain badly polluted. The clean-up is proceeding slowly, amid warnings that some towns could be uninhabitable for three decades. Last month TEPCO began the process of asking for a one-trillion-yen injection of public cash because of the company\'s \"very serious financial condition\", president Toshio Nishizawa told a news conference at the time. The firm separately asked for an additional 846 billion yen in financial aid to pay ballooning compensation bills. Nishizawa said at the time that he wanted to keep TEPCO as a private entity. Edano, however, stood firm behind the idea that TEPCO had to come largely under government control and told the company to come up with an overhaul plan if it wanted the money. If the fresh cash injections are approved, the total amount of taxpayers\' money handed to TEPCO would add up to 3.5 trillion yen.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tepco \offers controlling stake\ to japan govt Arab Today, arab today tepco \offers controlling stake\ to japan govt

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today tepco \offers controlling stake\ to japan govt Arab Today, arab today tepco \offers controlling stake\ to japan govt

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday