$ 2 billion of apologies: 7 more errors worth $ 51.3 million were found in Toshiba’s financial statements
Toshiba’s financial statements for the last two quarters of 2015 have found seven new errors. The company involuntarily concealed information from the regulators that its pre-tax profit was overestimated by 5.8 billion yen ($ 51.3 million). Moreover, the management did not immediately report errors, since the amount did not exceed the threshold established by tax legislation.
Given the previous mistakes in the company's financial statements, it can be concluded that its annual profit was overestimated by 230.6 billion yen ($ 2.06 billion).
In July 2015, Megamozg wrote that the company had published inaccurate financial reports for six years, artificially inflating profits of a total of $ 1.2 billion.
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Reporting errors were detected in the summer of 2015 as part of the campaign by the Prime Minister of Japan to improve corporate governance.
The company said that mistakes were made by 40 employees, and all of them "will be punished." After the first reporting scandal, Toshiba has already punished 26 people, but it is unknown how. However, in September 2015, the CEO and President of Toshiba Corp. resigned. Hisao Tanaka, Vice Chairman of the Board of Directors Norio Sasaki, Former President of the Corporation Atsutoshi Nishida and several members of the Board of Directors.
So far, only Japanese regulators have been investigating Toshiba’s reporting errors. But, according to Bloomberg, the Ministry of Justice and the US Securities and Exchange Commission are interested in the company's affairs.
US authorities suspect Toshiba of hiding $ 1.3 billion in losses in the construction of nuclear power plants. After news of the new investigation, the company's quotes fell by more than 10%.
Toshiba last summer announced a global restructuring. The corporation will sell a number of divisions and will direct the money received from these transactions to restore its business.
Toshiba has already agreed to sell one of the divisions of another Japanese company, Canon. This is a business for the production of medical equipment - tomographs, x-ray machines and equipment for ultrasound. The amount of the transaction will be $ 5.9 billion. Canon plans to use its own cash and loans.
"Megamind" on February 17, wrote that the company Vaio is negotiating a merger with Toshiba and Fujitsu . The deal is beneficial to companies because after the merger on the world stage, there will be a major manufacturer of computer equipment, which will become the leader in the Japanese market and an influential player in the global PC market. The parties must reach an agreement on the merger by the end of March.
Given the previous mistakes in the company's financial statements, it can be concluded that its annual profit was overestimated by 230.6 billion yen ($ 2.06 billion).
In July 2015, Megamozg wrote that the company had published inaccurate financial reports for six years, artificially inflating profits of a total of $ 1.2 billion.
')
Reporting errors were detected in the summer of 2015 as part of the campaign by the Prime Minister of Japan to improve corporate governance.
The company said that mistakes were made by 40 employees, and all of them "will be punished." After the first reporting scandal, Toshiba has already punished 26 people, but it is unknown how. However, in September 2015, the CEO and President of Toshiba Corp. resigned. Hisao Tanaka, Vice Chairman of the Board of Directors Norio Sasaki, Former President of the Corporation Atsutoshi Nishida and several members of the Board of Directors.
So far, only Japanese regulators have been investigating Toshiba’s reporting errors. But, according to Bloomberg, the Ministry of Justice and the US Securities and Exchange Commission are interested in the company's affairs.
US authorities suspect Toshiba of hiding $ 1.3 billion in losses in the construction of nuclear power plants. After news of the new investigation, the company's quotes fell by more than 10%.
Toshiba last summer announced a global restructuring. The corporation will sell a number of divisions and will direct the money received from these transactions to restore its business.
Toshiba has already agreed to sell one of the divisions of another Japanese company, Canon. This is a business for the production of medical equipment - tomographs, x-ray machines and equipment for ultrasound. The amount of the transaction will be $ 5.9 billion. Canon plans to use its own cash and loans.
"Megamind" on February 17, wrote that the company Vaio is negotiating a merger with Toshiba and Fujitsu . The deal is beneficial to companies because after the merger on the world stage, there will be a major manufacturer of computer equipment, which will become the leader in the Japanese market and an influential player in the global PC market. The parties must reach an agreement on the merger by the end of March.
Source: https://habr.com/ru/post/299426/
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