Toshiba capitalization after the departure of top managers increased by $ 800 million

The long-standing distortions of Toshiba’s financial statements that have occurred have led to the resignation of Hisao Tanaka’s CEO, Megamozg reports . Other Toshiba directors may also leave their positions in the company, and it is planned to take over from their leaders. The market took a positive view of such news, and at the close of trading in Tokyo, the company's shares rose by 6.1%, RBC reports . As a result, the company's capitalization in just a day increased by $ 800 million.

Interestingly, the test, during which numerous manipulations with Toshiba reporting were revealed, was initiated by the management themselves. The investigation was carried out by independent experts, led by a former investigator of the prosecutor's office, Tokyo Koichi Ueda. The reason for the test was the suspicion of Toshiba management of violations in the financial statements.

As it turned out, the accounting department carried out many manipulations with the accounts at the direction of the previous head of the concern Atsutoshi Nishida. For example, in 2008, he ordered accountants to correct an operating loss of 18.4 billion yen in documents for a fictitious profit of 500 billion yen. "In Toshiba, there was an atmosphere in which it was impossible to contradict the authorities", - commented on the situation, the participants of the investigation.

Now Masashi Muromachi has become Toshiba’s interim leader. The main efforts of the concern’s management will now be aimed at correcting mistakes in reporting and restoring investor confidence.