Bureau Chief, Helsinki
Ritsuko's Feed
Jul 21, 2015

Toshiba CEO to step down over accounting scandal

TOKYO (Reuters) – Japan’s Toshiba Corp (6502.T: Quote, Profile, Research, Stock Buzz) said its chief executive was stepping down on Tuesday after an independent investigation found he had been aware the company had been inflating its profits over a number of years.

CEO and President Hisao Tanaka will be replaced by Chairman Masashi Muromachi effective Wednesday, the company said in a statement, adding it was considering appointing outside directors to over half of its board seats.

Jul 20, 2015

Toshiba inflated profits by $1.2 bln with top execs’ knowledge – investigation

TOKYO, July 20 (Reuters) – Toshiba Corp overstated
its operating profit by 151.8 billion yen ($1.22 billion) over
several years in “institutional” accounting irregularities
involving top management, an independent committee said in a
report on Monday.

The probe sets the stage for a restatement of earnings, a
board overhaul and potentially hefty fines at the conglomerate
in Japan’s biggest corporate scandal in years.

Jul 20, 2015

Toshiba accounting probe set to prompt board reshuffle, possible fines

TOKYO (Reuters) – A probe into an accounting scandal at Toshiba Corp is expected to find that top management were responsible for failures on a company-wide scale, setting the stage for a board overhaul, results restatements and potentially hefty fines.

The summary report by an independent committee, due on Monday at 9 p.m. (1200 GMT), is likely to show faulty book-keeping led to profits being overstated by close to 170 billion yen ($1.4 billion) over several years, people briefed on the probe said last week. That would be more than three times Toshiba’s initial estimate.

Jul 17, 2015

Accounting probe may pressure Toshiba to write down Westinghouse

TOKYO, July 17 (Reuters) – Toshiba Corp is set to
overhaul its management after an investigation into its
accounting practices concludes early next week, but a more
thorough housecleaning, including a writedown on its
Westinghouse nuclear business, may be needed to regain
confidence amid Japan’s biggest corporate scandal in five years.

Toshiba said an independent committee it commissioned to
look into accounting irregularities – which a person directly
involved in the probe told Reuters were part of Toshiba’s
“corporate culture” – would submit its report to the company on
Monday. The company will hold a news conference the following
day, it said.

Jul 15, 2015

Toshiba CEO to step down in September in accounting scandal: sources

By Reiji Murai and Ritsuko Ando

(Reuters) – Toshiba Corp Chief Executive Hisao Tanaka will step down in September along with other board members including Vice Chairman Norio Sasaki to take responsibility for accounting irregularities, sources familiar with the matter said.

The Japanese conglomerate has hired a third-party committee to investigate past book-keeping practices which sources say led to profits being overstated by more than 170 billion yen ($1.2 billion). That’s more than triple Toshiba’s initial estimate of around 50 billion yen.

Jul 13, 2015

Nintendo CEO who broadened video game appeal dies of cancer

TOKYO, July 13 (Reuters) – Nintendo Co Ltd Chief
Executive Satoru Iwata died of cancer on Saturday, months after
he led the Japanese video-game maker’s belated entry into mobile
gaming following years of declining sales. He was 55.

The death of the hands-on CEO and president, announced by
Nintendo on Monday, comes at a critical time for the company
which is betting that its new smartphone tie-up with online game
maker DeNA will help make up for declining console sales.

Jul 9, 2015

Toshiba probe looking at management’s role in accounting scandal-sources

TOKYO, July 9 (Reuters) – An independent investigation of
Toshiba Corp’s accounting irregularities is looking at
the role played by top officials, people familiar with the
matter said, a move that could force a management overhaul at
the Japanese conglomerate.

As the probe has widened from looking into accounting errors
at Toshiba’s infrastructure business to checking books for a
broad range of operations, investigators have interviewed upper
management and examined internal e-mails in an effort to find
the root cause of the irregularities, the people said.

Jul 9, 2015

Toshiba accounting probe looking at management’s role -sources

TOKYO, July 9 (Reuters) – An independent investigation of
Toshiba Corp’s accounting irregularities is looking at
the role played by top officials, people familiar with the
matter said, a move that could force a management overhaul at
the Japanese conglomerate.

As the probe has widened from looking into accounting errors
at Toshiba’s infrastructure business to checking books for a
broad range of operations, investigators have interviewed upper
management and examined their internal e-mails in an effort to
find the root cause of irregularities, they added.

Jun 30, 2015

Sony to raise nearly $4 billion, ramp up sensors business to anchor turnaround

TOKYO (Reuters) – Japan’s Sony Corp plans to raise nearly $4 billion via new shares and bonds to plough into image sensors as it reinvents itself as a niche component maker, pulling back from consumer goods like TVs that dragged it into losses.

In Sony’s first new share issue in 26 years, the firm said on Tuesday it expects to raise 321 billion yen ($2.62 billion) from a public stock offering after a rally that has seen its market value double in a year. It will raise a further 119 billion yen from a convertible bond issue to fund a boost in sensor output capacity at its advanced plants in Japan.

Jun 25, 2015

Toshiba may add more outside directors after accounting irregularities

TOKYO (Reuters) – Toshiba Corp may appoint more outside board members to improve oversight of its accounts which it is now investigating after finding irregularities, its CEO said on Thursday.

Toshiba has not been able to close its books for the year that ended in March as a third-part committee it hired probes its book-keeping practices. It has said it likely overstated profits by around 54 billion yen ($436 million) in recent years.