Norwegian investment fund KLP said Monday it had sold its shares in Tokyo Electric Power (Tepco), the operator of the Fukushima nuclear plant, due to its handling of the disaster.

The mutual fund, which manages the pensions and insurance plans of public servants and is worth around 370 billion kroner ($60 billion), owned about eight million kroner in Tepco shares.

"Tepco has worked intensely to limit the consequences of the accident and has, seemingly, acted correctly, but the consequences of the tsunami could have been lesser, or even avoided, with an increased focus on risk prevention," said Heidi Finskas, KLP adviser for responsible investments.

"After the accident, the company did not manage to regain control of the situation or to prevent further leaks," Finskas added in a statement.

A massive earthquake and tsunami in March 2011 ravaged the Fukushima plant's cooling system, sparking a reactor meltdown in the world's worst nuclear accident since the 1986 Chernobyl disaster.

Tepco has struggled since the incident to decontaminate the site.

"The accident alone is not the only reason" behind KLP's capital withdrawal, Finskas told AFP.

"It's been two and a half years and the situation is still not under control." (AFP)