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TEPCO to sell additional 800 properties to raise funds for compensation

20 Comments

Tokyo Electric Power Co (TEPCO) said Wednesday it plans to sell an additional 800 buildings to raise more funds for compensation to victims of the Fukushima Daiichi nuclear crisis.

As part of a "Special Emergency Business Plan,” TEPCO says it plans to raise 247.2 billion yen from the sale of real estate properties within three years, the Sankei Shimbun reported. In fiscal 2011, TEPCO sold 100 properties for 38 billion yen.

The utility said it will sell mainly idle land, company dormitories and welfare facilities.

Last month, TEPCO asked a state-backed entity for an additional 846 billion yen in financial aid to pay ballooning compensation bills. The company needs a capital injection to shore up its finances.

However, Industry Minister Yukio Edano is pressuring the utility to carry out reforms before it receives any more public money.

TEPCO is drafting a new management plan to be submitted to the government soon, which will need Edano’s approval. If the fresh cash injections are approved, the total amount of taxpayers’ money handed to TEPCO would add up to 3.5 trillion yen.

© Japan Today/AFP

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20 Comments
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Of course, there are two other parts to this sale equation: What is the demand for these properties and how much will TEPCO receive?

2 ( +2 / -0 )

I find it ridiculous that this company had "idle land" but still wanted the taxpayers to foot the bill. Once they're divested themselves of ALL non-essential assets (right down to the director's Gucci silk ties), then they can ask for public money, but not a second before.

If they're facing liquidity problems then they can just sell the properties and assets more cheaply. I'm sure there's still a lot more fat to be cut before TEPCO is lean enough to really need help.

17 ( +17 / -0 )

Geez..how many more idle properties does TEPCO have ?...Govt needs to push them to sell 100% of their property , stock holdings and any other assets unrelated to their core business as well as reducing their bloated expenses and salaries by more than just 20%..especially the management ) before they even consider allowing them to increase household charges and giving more taxpayers money to them. BTW the govt doesnt need to negotiate the terms with them - you don`t ASK , you TELL ...it makes me cringe every time I read about the TEPCO boss " negotiating and resisiting govt demands" - they are in a no position to negotiate anything! That notion went out the window after last March...crooks.

2 ( +2 / -0 )

Totally agree with frungy, crapco should have sold all its asests before asking for hand outs, this out fit is so assbackwards and upside down it is a joke.

Hurry up crapco and pay out victims many are waiting way way too long while you fob them off, dither about, and lie.

1 ( +1 / -0 )

Well said Frungy. Why are they allowed to have such assets this late in the game??? Why hasn't the government demanded that they sell everything they have before they are allowed to get any government help??

-4 ( +2 / -6 )

Real estate properties may have been used for development of alternative technologies probably, but the amount (hundreds!) Is just astonishing and show companies are just holdings to pay the fat guys at the top and their political lords, that are protecting them as their vassals without any consideration of what peasants, sorry citizens, can pay as tributes.

1 ( +1 / -0 )

welfare facilities

. ............these must be the log cabins/cottages I have seen up in mountain resort areas PAID by US used by tepco, way too many companies waste $$$$$$ on this crap!

Now tepco pls send me a list of some near why I live so I can buy at fire sale price!

3 ( +3 / -0 )

That's nothing more than a drop in the bucket. All for show.

-1 ( +1 / -2 )

"Once they're divested themselves of ALL non-essential assets (right down to the director's Gucci silk ties), then they can ask for public money, but not a second before. "

So well put! And how about the executives sell their organs? I hear you can get hundreds of thousands of dollars for a decent kidney...

2 ( +3 / -1 )

800 properties out of how many? Sell them all ~

2 ( +2 / -0 )

ALL of TEPCO's properties should have been confiscated and sold by the government to raise money for compensation LONG BEFORE any bailouts and tax dollars were given to TEPCO as bailouts. It's insanity that they even have a choice in the matter -- and how much do you want to bet the full amount of sales, which will take time (as they say), won't be put towards compensation.

2 ( +3 / -1 )

So I think it is safe to say that this is disgusting, more needs to be done and TEPCO and the j government need to get off their butt and do something instead of using our taxes to pay for this mess. Think this is the first time everyone seems to agree on JT.

-13 ( +1 / -14 )

The wifey was telling me they also had numerous hotels and spas for recreational use by staff. I haven’t heard about any sale of these yet.

2 ( +2 / -0 )

Doing business in Japan 101...

You know what is going to happen. TEPCO, will start selling these assets at a very cheap price to their 'ahem' preferred buyers...

In doing so, they 'the board' will get a nice supply brown paper bags stuffed with cash as a back door thank you. Expect the preferred buyers to be closely related to the TEPCO board members, or closely related to the law makers in government responsible for handing out bailout money to TEPCO...

4 ( +4 / -0 )

Indeed very likely to happen , tokyokawasaki.

0 ( +0 / -0 )

The wifey was telling me they also had numerous hotels and spas for recreational use by staff. I haven’t heard about any sale of these yet.

I think those are what they termed "welfare fascilities"

0 ( +0 / -0 )

I think they should not sell the land but rather build villages on the land if large enough and sign over the deeds to those that lost everything.

1 ( +1 / -0 )

Perhaps they could offer the land and buildings to those who have lost their home due to their incompetence???

-7 ( +1 / -8 )

samwattersApr. 12, 2012 - 10:50AM JST So well put! And how about the executives sell their organs? I hear you can get hundreds of thousands of dollars for a decent kidney...

... although if they put the executives' brains on the market they might have to pay people to take them. :)

0 ( +0 / -0 )

@Frungy. HAHAHAHAHA!!

0 ( +0 / -0 )

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