Japan’s Tepco gets 1 trillion yen bailout

Tokyo: The operator of Japan’s crippled Fukushima nuclear power plant was effectively nationalised on Tuesday as it received one trillion yen (Dh46.9 billion) of taxpayer money to stay afloat.

The public bailout of Tokyo Electric Power Co (Tepco) in the wake of last year’s tsunami-triggered accident gives the government 50.11 per cent of the utility’s voting rights. Tepco posted a massive 781 billion yen net loss in the fiscal year to March 2012 following the disaster,