Japan’s Parliament Passes Bill to Back Tepco Compensation
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Japan’s parliament approved state support of Tokyo Electric Power Co.’s compensation for victims of the Fukushima nuclear disaster with a plan that asks shareholders to shoulder some of the burden.
The legislation creates a state-backed entity to pay damages associated with the atomic accident with “necessary cooperation from shareholders and other interested parties.” The government aims to establish the entity as early as this month and will provide 2 trillion yen ($25.9 billion) for its funding, Trade Minister Banri Kaieda told lawmakers yesterday.