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Tuesday, March 22, 2011

Tepco to Compensate Farmers, Stock Halted (PINK:TKECF) (TYO:9501)



NEW YORK - Reports from Japanese officials state that they want Tokyo Electric known as Tepco to pay farmers for their losses from radiation. Yukio Edano, chief cabinet secretary, said the state would “have Tepco take responsibility”. Edano added that if Tepco is unable to compensate the individuals then the government would step in.

The cost of cleaning the Fukushima Daiichi nuclear plant can be massive, and the liability cannot be estimated besides saying billions. The sale of food from the area has been restricted. A sample of the drinking water near the Fukushima plant shows drinking water being 3 times the legal limit but officials say drinking it will not cause serious health effects.

Tepco has said that reactors 5 and 6 have been cooled to safe levels; engineers were testing systems inside the 1, 2 and 4 reactors afters bringing power back to the site.

It is still unknown what sort of damage the plant has sustained.

Tepco stock has currently been halted from trading (TYO:9501) , before being halted it was up 16% to 1098 Yen.

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