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Japanese govt approves Tepco bailout plan

Japanese govt approves Tepco bailout plan
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Japan’s beleaguered atomic energy firm Tepco is set to receive an eight-billion-euro bailout. The government funding follows approval of its business plan.

Tepco is expected to make a loss of two billion euros this year. It is also facing multi-million euro compensation claims due to radiation leaks from the earthquake and tsunami damaged Fukushima Daiichi nuclear plant.

Japan’s Nuclear Energy Minister said it was crucial for the government to address global concerns and continue to be transparent about its efforts to deal with released radioactive material.

Tepco has been bitterly criticised for its handling of the aftermath. The company has also come under fire for requiring residents and business owners affected by the nuclear accident to go through an extremely cumbersome application process to seek compensation.