Japan OKs fresh support for Fukushima nuclear plant operator Tepco, 1 trillion yen in taxpayers' money

Japan's trade minister approved nearly $9 billion in additional support for Tokyo Electric Power Co to help compensate victims of the Fukushima nuclear crisis on Monday, but said the government would not go ahead with a plan to inject tax money into utility unless it got adequate management say.

The utility's Fukushima plant was wrecked by a quake and tsunami last March, triggering the world's worst nuclear crisis in 25 years and swamping the firm with huge cleanup, compensation and decommissioning costs as well as a big fossil fuel bill.

Aside from the added 690 billion yen ($8.9 billion) in compensation support from a state-backed fund, the government has been planning to inject about 1 trillion yen in taxpayers' money into the utility, also known as Tepco, in what would be one of the world's biggest bailouts outside the banking sector.

But Trade Minister Yukio Edano, who also holds the energy portfolio, told reporters the public fund injection would not go ahead unless the government got adequate voting rights.

[link to www.blacklistednews.com]

Last Edited by Joe Hagmann on 02/13/2012 10:42 AM