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TEPCO execs being sued personally for $67 billion
“By seeking to hold individuals responsible, we want to correct the collective and systemic irresponsibility in the nuclear industry," said Hiroyuki Kawai, one of the lawyers, to a press conference in Tokyo."TEPCO Shareholders Demand $67 Billion From Company Executives To Compensate Fukushima Victims
By: EW News Desk Team Date: 6 March 2012
Shareholders at Tokyo Electric Power Co Inc (TEPCO) want executives at the utility company to pay out over 5.5 trillion ($67.4 bilion) back to the company, said a report by Reuters, on Monday, in order to use the money to compensate those affected by the Fukushima nuclear disaster last year.
On Monday, lawyers representing 42 of TEPCO’s shareholders filed a lawsuit in a Tokyo District Court, which accused 27 current and former TEPCO directors of “ignoring multiple warnings of a possible tsunami and of failing to prepare for a severe accident.”
The executives, the lawsuit claims, had also downplayed the severity of the disaster during its early stages, which in turn led to delays of the evacuation process – causing unnecessary additional damages to homes and human lives.
Consequently, the company has been saddled with huge bills, including clean-up, compensation and decommissioning costs. According to a lawyer for the shareholders, the compensation cost requested from the executives was based on calculations by a government-appointed experts’ panel on what the company was likely to pay to victims and businesses....
By: EW News Desk Team Date: 6 March 2012
Shareholders at Tokyo Electric Power Co Inc (TEPCO) want executives at the utility company to pay out over 5.5 trillion ($67.4 bilion) back to the company, said a report by Reuters, on Monday, in order to use the money to compensate those affected by the Fukushima nuclear disaster last year.
On Monday, lawyers representing 42 of TEPCO’s shareholders filed a lawsuit in a Tokyo District Court, which accused 27 current and former TEPCO directors of “ignoring multiple warnings of a possible tsunami and of failing to prepare for a severe accident.”
The executives, the lawsuit claims, had also downplayed the severity of the disaster during its early stages, which in turn led to delays of the evacuation process – causing unnecessary additional damages to homes and human lives.
Consequently, the company has been saddled with huge bills, including clean-up, compensation and decommissioning costs. According to a lawyer for the shareholders, the compensation cost requested from the executives was based on calculations by a government-appointed experts’ panel on what the company was likely to pay to victims and businesses....
Read more at: http://www.economywatch.com/in-the-news/tepco-shareholders-demand-67-billion-from-company-executives-to-compensate-fukushima-victims.06-03.html
There is precedent for this type suit in Japan.
4 replies
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