28 Oct '11, 5pm

TEPCO asks for US$13b aid for Fukushima

TOKYO : Tokyo Electric Power Company (TEPCO) on Friday asked Japan's government for a reported $13 billion to help pay compensation for the Fukushima nuclear disaster. "Today, we, Tokyo Electric Power Company, applied to the Nuclear Damage Compensation Facilitation Corporation for financial support," TEPCO said in a statement. The company did not reveal the amount of cash it asked for and said the figure would remain secret until it was approved by the government. However, media reports put the figure at up to one trillion yen ($13 billion). The utility is looking to receive the first tranche from a government-backed aid body so it can avoid having a negative net worth on its April-September balance sheet, local media reported. The Yomiuri daily reported that TEPCO needed a trillion yen "for the time being", indicating that the embattled company may go cap in hand to the g...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific/vi...

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