Arab Today, arab today toshiba bosses blamed for accounting scandal panel warns
Last Updated : GMT 20:46:47
Arab Today, arab today
Arab Today, arab today

Toshiba bosses blamed for accounting scandal, panel warns

Arab Today, arab today

Arab Today, arab today Toshiba bosses blamed for accounting scandal, panel warns

Toshiba has already admitted
Tokyo - AFP

Top executives of Japanese conglomerate Toshiba were systematically involved in overstating more than $1.2 billion in profits, the firm's independent panel has warned in a report to be released on Monday, according to local media.

The firm has hired an outside team of investigators to look into its accounting irregularities, which were unveiled after the nation's securities watchdog probed its balance sheet earlier this year.

Toshiba said last week the third-party panel, headed by a former Tokyo prosecutor, would release a summary of the report at around 9:00 pm (1200 GMT).

The accounting irregularities are believed to have affected its mainstay infrastructure-related, semiconductor, television and personal computer businesses.

Toshiba, which makes various products from batteries to nuclear reactors, has already admitted that some of its businesses would need to go under the microscope, although the extent of the problems -- and who is responsible -- remains unclear.
But public broadcaster NHK, quoting unnamed sources, said the panel had concluded that the firm had committed "organised wrongdoings" over the scandal with the involvement of its top managers.

The panel is expected to warn that the firm needs to downgrade its operating profit by more than 150 billion yen ($1.2 billion) over the five years to March because it overstated earnings and postponed reporting necessary costs, NHK said.

The Nikkei business daily, which estimates Toshiba's downward revision at 160 billion yen, said the firm may separately book an additional 70 billion yen in extra losses, which would expand its downgrading by a combined 230 billion yen.

The Securities and Exchange Surveillance Commission is considering asking the government to impose penalties on Toshiba on suspicion of misstatement, the Yomiuri Shimbun newspaper said.

Toshiba President Hisao Tanaka is expected to resign over the scandal on Tuesday when the firm plans to hold a news conference, the Nikkei said.

Tanaka and former president and current vice chairman Norio Sasaki are among those behind the profit-padding, local media said, as they allegedly put excessive pressure on subordinates to achieve profit targets.

Sasaki, who served as Toshiba president between June 2009 and June 2013 -- covering most of the period during which the company allegedly inflated the profits -- will also resign over the scandal, according to reports.

Toshiba has said it was revoking its earnings forecast -- a 120 billion yen net profit on sales of 6.7 trillion yen -- for the past fiscal year and would not pay a dividend. It has not given a date for the release of its revised results.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today toshiba bosses blamed for accounting scandal panel warns Arab Today, arab today toshiba bosses blamed for accounting scandal panel warns

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today toshiba bosses blamed for accounting scandal panel warns Arab Today, arab today toshiba bosses blamed for accounting scandal panel warns

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday