Japanese government to nationalise operator of Fukushima nuclear power plant
Tokyo, May 22 (Xinhua-ANI): The Japanese government will inject one trillion yen (about 12.6 billion U.S. dollar) into Tokyo Electric Power CO., the operator of the Fukushima No.1 nuclear power plant, on July 25 to nationalize the company, reported local media Tuesday.
TEPCO released the details about the fund injection plan on Monday, said the Tokyo News, the government will get 50.11 percent of TEPCO's voting rights by buying the preferred shares.
The government could choose the board members with more than half of voting rights, and then to raise the figure up to 75.84 percent, stronger the control of TEPCO.
The government-based Nuclear Damage Liability Facilitation Found will pay the massive bill to help TEPCO deal with the huge cleaning up and compensation costs.
The move is part of a restructuring plan of TEPCO following the country's worst nuclear disaster in March last year.
Earlier, TEPCO has named new president and announced its new management and pledged to cut more than 3.37 trillion yen in costs over 10 years through fiscal 2021. (Xinhua-ANI)
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