Japan Considers 230 Billion Yen Nuclear Aid Package
June 28, 2011 // Comments Off
Japan’s government is considering about 230 billion yen ($2.8 billion) in outlays for aid to Tokyo Electric Power Co. and radiation monitoring in its planned extra budget, according to a draft outline prepared by the Finance Ministry.
Prime Minister Naoto Kan’s government has yet to release details of the 2 trillion yen supplementary budget, which will need parliamentary approval. Officials will apply 1.8 trillion yen in tax revenue left over from the last fiscal year to help fund the package, according to the document, a copy of which was obtained by Bloomberg News.
The spending would be aimed at a nuclear crisis that remains unresolved more than three months after Japan’s record earthquake and ensuing tsunami crippled Tokyo Electric’s Fukushima Dai-Ichi reactor north of Tokyo. The utility, which has seen almost $37 billion of its market value erased, will hold its annual general meeting today.
“The financial future of the company” is “in question,” U.S. proxy adviser Glass Lewis & Co. said in a proxy paper to be distributed to shareholders today.
Kan’s Cabinet this month submitted legislation to create a public entity to help the company, known as Tepco, pay reparations for the worst nuclear crisis since Chernobyl. The budget will set aside 120 billion yen to help with compensation for damage caused by the Dai-Ichi nuclear reactor disaster.
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