With companies scaling up their business and setting their foot strong in the global world, numerous cases across industries have been reported where they have been charged for hefty fines and penalties. From pharmaceutical companies like Pfizer to banking, there is hardly any sector that is free of penalties till date.
Disasters can happen anytime and anywhere but what if thousands of people are forced to leave their houses due to the negligence of some individuals of a reputed company? In 2011, the Fukushima nuclear power plant tragically melted down, triggered by the earthquake and tsunami in Japan, forcing 150,000 people to flee from their homes. Operator, Tokyo Electric Power Company (TEPCO), claimed responsibility for the disaster and in the end, they were sentenced to pay billions, a staggering £330bn making it “the biggest fines in history.”
WHY DID IT HAPPEN?
Japan is an earthquake-prone country, and the country’s parliament has concluded that the catastrophic accident is the result of collusion between the government, regulators, TEPCO and lack of governance by designated parties. In 2019, three former TEPCO executives were acquitted of negligence, but the company was ordered to pay his £330bn compensation.
It was the worst nuclear disaster since the 1986 Chernobyl accident, after a magnitude 9.0 earthquake that set off waves that engulfed the reactor’s cooling system. In June of this year, the company apologized to many of the plaintiffs who admitted damages.
