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