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Britain’s Moorside nuclear project might not go ahead, now that Toshiba is in such a financial mess

This includes the proposed nuclear new build at Moorside, near Sellafield.

Last month Toshiba announced its US subsidiary, Westinghouse Electric, may have overpaid – by several billion dollars – for another nuclear construction and services business. Following this, its shares fell dramatically.

Toshiba confirmed yesterday it is now reviewing its involvement in all other overseas projects as a way of dealing with this situation. It also plans to sell its semiconductor business.

Its president and chief executive Satoshi Tsunakawa said: “Going forward, we will revise the positioning of the nuclear business as our main focus business in the energy sector, and review the future of nuclear businesses outside Japan.”…….

Stewart Young, leader of Cumbria County Council, said: “I would be very concerned if this had any impact on NuGen.

“We will be seeking further information about their position and will be concerned if they is any effect on what would be the biggest single private sector investment that Cumbria has ever seen.”

To compound matters, Toshiba is also embroiled in an accounting scandal and it was yesterday announced that several Japanese banks may be about to launch a lawsuit against it.

A decision on whether to proceed with Moorside is due in 2018……

February 1, 2017 - Posted by | business and costs, UK

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