TEPCO executives to face shareholders amid nuclear crisis
The embattled operator of the damaged Fukushima Daiichi Nuclear Power Station was expected to face a barrage of criticism at a general meeting of shareholders Tuesday in the wake of Japan's worst nuclear accident, dpa reported.
More than 400 shareholders of Tokyo Electric Power Co (TEPCO) have submitted a proposal to break with nuclear power generation amid the crisis at the plant, triggered by the March 11 magnitude-9 earthquake and resulting tsunami.
TEPCO executives were also expected to face harsh criticism for share price plunging to one-seventh of the level before the crisis.
In late May, TEPCO posted net losses of 1.25 trillion yen (15.3 billion dollars) for the financial year which ended in March, the largest ever for a Japanese company outside the finance sector.
The March disaster caused the plant's power failure, leading to core melts at three of its six reactors. It has leaked radioactive substances ever since. The crisis has forced tens of thousands of residents to leave the area.
In mid April, the government raised the accident level to 7, the worst on an international scale, putting it on a par with the 1986 Chernobyl disaster in Ukraine.
TEPCO has been struggling to bring the troubled plant under control, something the operator hoped would happen in January.
The company is to sell its assets including real estate and recreation facilities to raise more than 600 billion yen to compensate people for damage caused by the accident while cutting expenditure of more than 500 billion yen including personnel costs and research spending, it said.
Director Toshio Nishizawa has been tapped to replace Masataka Shimizu as president. Shimizu would step down to take responsibility for the losses. The appointment would be formalized at the meeting on Tuesday.