It was made up of executives and directors from Toshiba as well as “outside experts”.
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The conglomerate, whose businesses range from laptops to nuclear energy, disclosed accounting irregularities in April, after regulators asked for a report about its past book-keeping.
Constant management pressure to meet profit targets as well as a top-down corporate culture that demanded blind loyalty were the underlying causes of accounting irregularities at Toshiba, an independent panel concluded in a report Monday.
May 8 – Expands investigation, plans to set up third-party committee.
That followed the decision to withdraw forecasts and cancel the year-end dividend and widen the accounting probe. Toshiba had said as early as 2012 that it was considering a sale of as much as 36 percent of that business.
Toshiba’s shares are “almost certain” to be placed under special monitoring, a stock exchange source told Reuters.
Toshiba described as a “challenge” what the panel said were excessively aggressive targets, according to the report.
The notes show most central bank’s board members were optimistic about the inflation trend continuing, confirming the central bank’s stimulus efforts.
July 9 – Considers selling assets including a stake in Westinghouse Electric, sources say.
This prompted the company to have an Independent Investigation Committee continue with looking into Toshiba’s accounting problems.
Toshiba expects to take up to $3 billion in charges related to six years of improper accounting.
Mr. Sasaki and his predecessor as chief executive, Mr. Nishida, don’t get along, reported by those who know both men. Tanaka and Sasaki, who is now vice chairman, are likely to resign.
This nation A sheet checking out an auditing scandal at Toshiba Corp has been found in which typically top executives have been involved in irregular routines, determining the institutional type of the violations, anyone directly involved in the research said on Friday.
Toshiba said the three men weren’t available for comment Monday night on the report, which came out shortly before 10 p.m. local time.
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The panel is expected to warn that the firm needs to downgrade its operating profit by more than 150 billion yen ($1.21 billion) over the last five years to March because it overstated earnings and postponed reporting necessary costs, NHK said.
