25 Feb '12, 10pm

Good! > Japan wants to replace TEPCO board

Good! > Japan wants to replace TEPCO board

TOKYO: Japan's government wants to replace the entire board of the operator of the crippled Fukushima nuclear plant in exchange for $12 billion of tax money to resuscitate the firm, a report said on Saturday. Authorities are planning to remove all 17 board members of giant private utility Tokyo Electric Power (TEPCO) at a shareholder meeting in June and name an outsider as the new chairman, the Mainichi Shimbun said. TEPCO is trying to remain private while Industry Minister Yukio Edano has demanded management control in exchange for one trillion yen ($12 billion) in help. The company, which expects to lose 695 billion yen ($8.95 billion) in the year to March, faces huge compensation claims as a result of the crisis at the Fukushima Daiichi nuclear plant, which was hit by last March's tsunami. The government is moving to take a stake of two-thirds or more in the regional mo...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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