Tuesday, April 12, 2011

Tepco may face $23.6bn in claims

12 April 2011 Last updated at 01:41 GMT Workers spray adhesive synthetic resin over the ground at the nuclear plant Fukushima Daiichi nuclear plant is at the centre of Japan's nuclear crisis Tokyo Electric Power Company (Tepco) may face as much as 2 trillion yen ($23.6bn; £14.5bn) in compensation claims, according to JP Morgan.

The company has been grappling to contain the radiation leak crisis at its Fukushima Daiichi nuclear plant.

On Tuesday, Japan's Nuclear and Industrial Safety Agency raised the severity of the nuclear crisis at the plant to level 7.

Japan has evacuated people living within a 20km radius of the plant.

The power station was one of the worst hit by the earthquake and tsunami which engulfed much of Japan on 11 March.

As the company struggles to contain the nuclear crisis, its shares have taken a beating on the Tokyo stock exchange.

Tepco shares have lost more than 75% of their value since 11 March, in the process hitting all-time lows.

Investors have been worried about the impact of the current crisis on the company's profit and also about the billions of dollars it may have to pay in compensation costs.

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