Fujifilm is delaying the release of its financial results as it probes accounting irregularities at a New Zealand unit, raising fears Japan Inc is headed for another embarrassing accounting scandal. The company said it is setting up an independent committee of outside experts to look into the “appropriateness of accounting practices” at subsidiary Fuji Xerox … Read more
Toshiba has filed its delayed financial results, warning that the company’s survival is at risk. “There are material events and conditions that raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a statement. The electronics-to-construction giant reported a loss of 532bn yen (£3.8bn; $4.8bn) for April to … Read more
Toshiba has filed its delayed financial results, warning that the company’s survival is at risk. The electronics-to-construction conglomerate made a loss of $4.8bn for April to December, the AFP agency said. “There are events and circumstances that may bring about significant questions about the idea of [carrying on] as a going concern,” the firm said … Read more
Toshiba has approved a plan to place its US nuclear unit in bankruptcy protection, a report said Wednesday, as the troubled division wrestles with multi-billion-losses and accounting fraud claims. Japan’s Nikkei business daily said Toshiba’s board gave Westinghouse Electric the green light to make a Chapter 11 filing in a US court, which temporarily shelters … Read more
For the second time in as many months, Toshiba has missed its earnings report deadline, citing “difficult circumstances.” The struggling Japanese conglomerate asked to extend the deadline to April 11, saying on Tuesday that it needs more time to investigate ongoing troubles at its U. S. nuclear business. Toshiba (TOSBF) had already received a four-week … Read more
U. S. nuclear firm Westinghouse Electric Co LLC has hired bankruptcy attorneys, in a sign that owner Toshiba Corp (6502.T) is more seriously weighing a Chapter 11 filing as an option to help it rein in a multibillion dollar financial maelstrom. People familiar with the matter said the nuclear engineering company had brought in law … Read more
Toshiba chairman Shigenori Shiga has resigned, hours after the company was forced to delay revealing details of a multi-billion dollar loss. The Japanese conglomerate was expected to say it was writing off about $6bn (£4.8bn) at its US nuclear business. But the BBC understands Toshiba has not been able to agree with its auditors how … Read more
Toshiba shares dropped Tuesday morning as a report said the huge conglomerate may warn that its future is in jeopardy owing to huge losses in its nuclear power business. Japan’s leading Nikkei business daily said Toshiba would issue the red flag as it reports nine-month earnings later in the day. Shares in the beleaguered company, … Read more
Toshiba shares dropped Tuesday morning as a report said the huge conglomerate may warn that its future is in jeopardy owing to huge losses in its nuclear power business. Japan’s leading Nikkei business daily said Toshiba would issue the red flag as it reports nine-month earnings later in the day. Shares in the beleaguered company, … Read more
Shares in Toshiba have dived 16% on reports that the embattled Japanese conglomerate faces bigger losses at its US nuclear power business. It is feared Toshiba may have to write down the value of the unit by a larger-than-expected 700bn yen ($6.1bn; £5bn). There are unconfirmed reports Toshiba is seeking aid from the government-backed Development … Read more
Toshiba Corp (6502. T) met creditors on Tuesday and asked them not to use provisions in debt agreements to call in their loans early, giving the troubled company time to work out a turnaround plan, sources with knowledge of the matter said. It was the first such meeting since the conglomerate, which is still recovering … Read more
Toshiba Corp said it may have to book several billion dollars in charges related to a U. S. nuclear power acquisition, a shock warning that sent its stock tumbling 12 percent and rekindled concerns about its accounting acumen. The Japanese group said cost overruns at U.S. power projects handled by a nuclear construction business newly … Read more