BREAKING NEWS

Japan to unveil nuclear operator Tepco compensation scheme

By REUTERS

MAY 12, 2011 10:59

TOKYO - Japan is expected to unveil a scheme on Thursday that includes a $62 billion fund injection to help Tokyo Electric Power compensate victims of the crisis at its tsunami-crippled nuclear plant and save Asia's largest utility from financial ruin.

The scheme, likely to be approved by Prime Minister Naoto Kan's cabinet later in the day, is designed to protect bondholders and will keep Tokyo Electric (Tepco) shares listed, although the utility will have to forgo dividend payments for several years, ruling party lawmakers briefed on the plan said.

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