Tokyo Electric Power Company Admits Fukushima Failures
by Richard Smallteacher, CorpWatch Blog
August 28th, 2013
http://www.corpwatch.org/article.php?id=15866
Tokyo Electric Power Company (Tepco) is facing calls to be shut down for failing to properly manage the environmental catastrophe caused by the meltdown of three of the company’s nuclear reactors in Fukushima, Japan. The disaster was the result of a tsunami triggered by a March 2011 earthquake.
The company is already in severe financial difficulties, In May 2012, the company was forced to accept a one trillion yen ($12.5 billion) government bailout in exchange for 50.1 percent of its shares. (Not counting banks, the bail-out was the second largest in history after the U.S. rescue of General Motors in 2009) A month later, facing a major collapse in the company stock price, shareholders voted to effectively nationalize the company.
Now the total cost of clean up for the company is estimated at 11 trillion yen ($137 billion) almost as much as the value of the company which is valued at just over 14 trillion yen.
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