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Tokyo Electric Power Defeats Shareholders’ Efforts to Exit Nuclear Business

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Eugene Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-28-11 05:33 AM
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Tokyo Electric Power Defeats Shareholders’ Efforts to Exit Nuclear Business
Source: New York Times

Tokyo Electric Power Defeats Shareholders’ Efforts to Exit Nuclear Business
By HIROKO TABUCHI
Published: June 28, 2011

TOKYO — The operator of the stricken Fukushima nuclear plant met with angry shareholders on Tuesday, offering profuse apologies as hecklers shouted abuse from a rowdy floor. But a motion that would force the company to abandon its nuclear program was defeated.

The management of Tokyo Electric Power also pushed through the appointment of 17 board members, including the reappointment of its 71-year-old chairman, raising questions over the extent of the overhaul that the company has promised in the wake of the unprecedented nuclear disaster.

-snip-

Read more: http://www.nytimes.com/2011/06/29/business/global/29tepco.html
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PoliticAverse Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-28-11 05:49 AM
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1. Seems it's gonna take them a few thousand years to completely get rid of their 'nuclear business'...
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FBaggins Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-28-11 08:01 AM
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2. Wouldn't it be a more accurate title...
...to say that a clear majority of shareholders defeated a proposal by a tiny minority of shareholders?
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bananas Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-28-11 08:53 AM
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3. April 19: "Mysterious Trades in a Big Block of Tokyo Electric Shares"
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x289094

Japanese regulators and executives of the Tokyo Electric Power Company are asking questions about a seemingly coordinated series of stock purchases two weeks ago that led to an undisclosed buyer or buyers acquiring a large block of the utility, which owns Japan’s dangerously damaged nuclear power plant.

Regulators want to know whether the trades, valued at up to $600 million and placed from Hong Kong during the week of April 3, were structured to circumvent Japanese securities laws, which require the owner of more than 5 percent of a publicly traded company to file disclosure papers identifying the shareholder.

Depending on the prices at which the buy orders were executed, they could add up to nearly 10 percent of Tepco’s shares.

The trading and the questions surrounding it were described by a senior executive of another company in an interview here. The executive insisted on anonymity to protect business and government connections.

<more>

hanky panky

yup


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