Japan will take control of Tokyo Electric Company, operator of Fukushima Nuclear Plant, via public fund injection, according to Mainichi Daily via Reuters.Although the government is unlikely to take more than a 50 per cent stake, the fund injection will give the government some level of management control, an official said.
rumours about temporary nationalization have been heard for days, contributing to an over 80% drop in share price since the crisis began.
TEPCO has been seen as downplaying the scale of disaster and failing to take precautions. Notably CEO Masataka Shimizu turned up in the hospital yesterday with dizziness and high blood pressure after going missing for weeks. Of course the Japanese government has faced similar accusations.
The company is also running out of money, and said yesterday that $24 billion in emergency loans would not cover costs.
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