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Tepco Reports $15bn Loss, President Masataka Shimizu Resigns

By STAFF Writer
May 20, 2011

Tepco President Masataka Shimizu Resigned
JAPAN NEWS – The president of Tepco, Masataka Shimizu, who operated Japan’s crippled Fukushima nuclear power plant, has resigned from his post after reporting a loss of 1.25tn yen ($15.3bn; £9.4bn) over the last year. It is reported that managing director Toshio Nishizawa will replace Masataka Shimizu in this month.

Japan had seen a devastating earthquake followed by tsunami that severely smashed up the Fukushima nuclear plant, and it has been radiating ever since. The crippled nuclear plant has spread panic all across the nation, and even tourists are advised not to visit the Fukushima region for safety reason.

In a news conference Mr. Shimizu addressed a bunch of journalists, saying he wanted to take managerial responsibility and bring a symbolic shut his current job. He further emphasis on experience and proficiency to handle the top post.

The loss of Tepco in the last financial year is the biggest in the history of corporate loss in Japan. In the previous year the company enjoyed a profit of 134bn yen. But this year, due to leaking of nuclear reactor and eventually the devastation caused by it, cost heavily on the company.

Mr. Shimizu was heavily carped for absence for two weeks after the disaster. Later on he was hospitalized for dizzying spell.

"We want to sincerely apologise for our nuclear reactors in Fukushima causing so much anxiety, worry and trouble to society," Mr Shimizu said.

After the radiation threat, the government sealed the place and evacuated the residents from the region around the nuclear plant. The company had to pay compensation to the victims and asked to solve the problem.

Bank of America Merrill Lynch estimated around 11tn yen as compensation.

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