Fukushima “not under control”, says TEPCO official

Fukushima “not under control”, says TEPCO official

POSTED: 13 Sep 2013 7:27 PM
The Japanese government and TEPCO were scrambling to reassure people on Friday that they have a lid on Fukushima after a senior utility executive said the nuclear plant was “not under control”. TOKYO: The Japanese government and TEPCO were scrambling to reassure people on Friday that they have a lid on Fukushima after a senior utility executive said the nuclear plant was “not under control”.The remarks by Kazuhiko Yamashita, who holds the executive-level title of “fellow” at Tokyo Electric Power, seem to flatly contradict assurances Prime Minister Shinzo Abe gave Olympic chiefs a week earlier.

In a meeting with members of the opposition Democratic Party of Japan, Yamashita was asked whether he agreed that “the situation is under control” as Abe had declared at the International Olympic Committee meeting in Buenos Aires.

He responded by saying, “I think the current situation is that it is not under control,” according to major media, including national broadcaster NHK.

News of his comment prompted a rush by the government and TEPCO to elaborate on Yamashita’s remark, saying he was talking specifically about the plant’s waste water problem, and not the facility’s situation in general.

Chief Cabinet Secretary Yoshihide Suga, Abe’s right-hand man, separately said Yamashita was repeatedly pressed by DPJ lawmakers when he made the remark.

The view of TEPCO as a company does not contradict Abe’s statement, Suga added.

TEPCO has poured thousands of tonnes of water on the Fukushima reactors to tame meltdowns sparked by the March 2011 earthquake and tsunami.

The utility says they are now stable but need to be kept cool to prevent them running out of control again.

Much of that now-contaminated water is being stored in temporary tanks at the plant, and TEPCO has so far revealed no clear plan for it.

The problem has been worsened by leaks in some of those tanks that are believed to have seeped into groundwater, which runs out to sea.

The continuing nuclear catastrophe at Fukushima has come under the international spotlight in recent weeks as Tokyo fought off challenges from Madrid and Istanbul for the right to host the 2020 Games.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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