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Article

13 Nov 2010

Author:
Japan Today

Chisso submits spinoff plan to secure Minamata compensation [Japan]

Chisso Corp, the chemical maker responsible for the mercury-poisoning Minamata disease, submitted a business reform plan to the government Friday, featuring a scheme to spin off all its business operations to secure compensation costs for patients. The Tokyo-based company, riddled with excessive debts, is aiming to set aside compensation money by spinning off its operations such as displays and other electronic components into a subsidiary...According to the plan, Chisso will set up a new company that will solely engage in business operations. The parent company will hold the entire stake of the new company and allocate dividends from the subsidiary to its payments of compensation and debts.

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