TOKYO Feb 25 The Japanese government will
seek the resignation of Tokyo Electric's (Tepco) board
of directors at a shareholder meeting in June in return for
injecting $13 billion of public funds, the Mainichi newspaper
said on Saturday.
The government decided that to clarify the responsibility
over the firm's management, all 17 directors would have to go,
the newspaper said without citing sources, adding that it also
plans to halve the number of directors on the new board.
The government and Tepco, the operator of the tsunami-struck
Fukushima nuclear plant, have fought over how much say the
government will have in the utility's management in exchange for
what would be one of the world's biggest bailouts outside of the
Tepco, which serves some 45 million people, has said it
wants to keep its autonomy as a private utility. But Trade
Minister Yukio Edano, who holds the energy portfolio, has
demanded the bailout body should have a controlling
Tepco said this month it expected to post a group net loss of
695 billion yen in the year to March 31.
Media reports have said a business plan to rebuild the
company will call for the utility to swing into profit in fiscal
(Reporting by Antoni Slodkowski; Editing by Ed Lane)