Tuesday, June 28, 2011

Fukushima: stormy general meeting of shareholders of Tepco

Leaders of Tokyo Electric Power (TEPCO) have faced, Tuesday, June 28, the wrath of shareholders of the Company at a general meeting made rough by the nuclear accident in Fukushima.

The nuclear accident of March 11 at the Chernobyl Fukushima Dai-Ichi (220 km northeast of Tokyo), the worst since the Chernobyl disaster in Ukraine in 1986 resulted in a net loss of historic Tepco, of 1247 billion yen, or nearly 11 billion euros during the financial year 1 April 2010 to March 31, 2011.

The share value of the power company has shrunk by some 85% since, ruining small shareholders from the middle class, many of the approximately 933 000 shareholders of the group. Previously regarded as a well managed company, TEPCO has long been credited with good marks from international rating agencies.

Moody's and Standard & Poor's, since the accident, relegated to the obligations of the company's speculative grade. Riparian plant demonstrated outside the hotel kept by the police. "The accident has deprived our children of healthy living, our young people hope to work in Fukushima and our seniors that they had built," denounced Haruna Takida, coming from the city of Koriyama in Fukushima Prefecture.

A resolution presented by four hundred shareholders called the company to "immediately cease the use of nuclear energy which is surrounded by lies, leaving a bad legacy to our children and places a burden on local communities." The text, however, had no chance of being adopted by the General Assembly, according to Japanese press.

The group's management apologized numerous times during the meeting, bowing deeply before the assembly, resulting in screams rocket, one participant even attempting to interrupt the meeting physically, before being overpowered by security guards. "Our company will dramatically streamline its operation and try to overcome this crisis as soon as possible," promised Mr. Katsumata. The eight top leaders of the group have waived any compensation but have not resigned. Tepco will slash the salaries of its officers and employees and also provides important assignments to deal with a catastrophic financial situation.

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