TEPCO Posts Record $15 Billion Loss
Japan’s embattled power company, TEPCO, reported a net loss of $15 billion on Friday to account for the disaster at its Fukushima nuclear power plant.
The power company’s loss for the business year ending in March marked the biggest corporate loss ever in Japan outside of the financial sector.
The company also said its president Masataka Shimizu is stepping down to take responsibility for the disaster and radiation leaks, with a company insider taking over his position.
The outgoing president apologized to the public for the nuclear accident.
[Masataka Shimizu, Outgoing President of TEPCO]:
„We feel sorry for the victims of the earthquake and tsunami. At the same time we want to sincerely apologize for our nuclear reactors in Fukushima causing so much anxiety, worry and trouble to society.“
The disaster has triggered a drop of more than 80 percent in TEPCO’s share price and prompted the government to step in with a fund to handle compensation claims that some analysts say could top $100 billion.