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Nr. dodgy deals
Development Bank of Japan key financier of nuclear industry
Tokyo, Japan, Mar 15 2011
According to financial statements of 9 major electric power companies in Japan including struggling Tokyo Electric Power Company(TEPCO), total amounts of their long-term lending are 4.7 trillion yen (roughly 60.2 billion us$). In addition, they have issued corporate bonds over 12 trillions yen, but major holders of those huge bonds are not disclosed in the financial statements of electric power companies.
DBJ has been transferred from government own bank to privatized one in 2008, but all of their stocks have been still owned by Japanese government. On the other hand, they have developed the environmental friendly lending rating system for corporations.
Next major lenders to electric power companies are life insurance companies such as Nihon Life Insurance, Sumitomo Life Insurance, Daiichi Life Insurance and Meiji-Yasuda Life Insurance. Total amount of these 4 major insurance lenders are nearly 1 trillion yen. They are also major shareholder of each of electric power companies. Therefore they should also be called " nuclear insurance companies".
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