Tepco compensation plan set up

The Japanese government announced a plan to compensate victims of the nuclear crisis at Tokyo Electric Power Co.’s (Tepco’s) Fukushima Daiichi plant, according to Reuters.

The government will issue special-purpose bonds to help finance a fund that will allow the utility to handle compensation claims expected to be between $20 and $130 billion. The government is also considering buying preferred shares from Tepco if it runs short of capital. Lawmakers said in the story the bond issue could total about 5 trillion yen ($62 billion).There is no ceiling set on the amount of compensation paid out.

In return for public backing, the government said it will exert control "for a certain period of time" over management of Tepco and other power utilities, which will be asked to pay annual premiums into the compensation fund.

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