Toshiba to Restate 152 Billion Yen of Past Profits After Probe
2015-07-20 13:02:22.952 GMT
By Pavel Alpeyev and Takashi Amano
(Bloomberg) -- Toshiba Corp. must correct 152 billion yen
($1.2 billion) of past earnings after an internal accounting
probe revealed the company overstated profits under pressure
from management.
The amount is almost triple the 55 billion yen writedown
the Tokyo-based company estimated earlier. Toshiba announced
summary findings from a third-party committee investigation
Monday and President Hisao Tanaka is scheduled to hold a
briefing the following day.
Toshiba has lost $3.6 billion in market value since May 8,
when it withdrew its earnings forecasts, canceled the year-end
dividend and widened the accounting probe.
For Related News and Information:
Toshiba Declines After Report Probe May Lead to Asset Sales (2)
Toshiba Rises as Accounting Probe Target Less-Than-Expected
Japan’s Shame Index Earns Its Title With Toshiba: Opening Line
Toshiba profitability: 6502 JP <Equity> FA PROF <GO>
Toshiba earnings surprises: 6502 JP <Equity> SURP <GO>
Top stories: TOP <GO>
Biggest technology stories: TTOP <GO>
To contact the reporters on this story:
Pavel Alpeyev in Tokyo at +81-3-3201-2137 or
palpeyev@bloomberg.net;
Takashi Amano in Tokyo at +81-3-3201-2423 or
tamano6@bloomberg.net
To contact the editors responsible for this story:
Robert Fenner at +61-3-9228-8705 or
rfenner@bloomberg.net
Suresh Seshadri, Dave McCombs
2015-07-20 13:02:22.952 GMT
By Pavel Alpeyev and Takashi Amano
(Bloomberg) -- Toshiba Corp. must correct 152 billion yen
($1.2 billion) of past earnings after an internal accounting
probe revealed the company overstated profits under pressure
from management.
The amount is almost triple the 55 billion yen writedown
the Tokyo-based company estimated earlier. Toshiba announced
summary findings from a third-party committee investigation
Monday and President Hisao Tanaka is scheduled to hold a
briefing the following day.
Toshiba has lost $3.6 billion in market value since May 8,
when it withdrew its earnings forecasts, canceled the year-end
dividend and widened the accounting probe.
For Related News and Information:
Toshiba Declines After Report Probe May Lead to Asset Sales (2)
Toshiba Rises as Accounting Probe Target Less-Than-Expected
Japan’s Shame Index Earns Its Title With Toshiba: Opening Line
Toshiba profitability: 6502 JP <Equity> FA PROF <GO>
Toshiba earnings surprises: 6502 JP <Equity> SURP <GO>
Top stories: TOP <GO>
Biggest technology stories: TTOP <GO>
To contact the reporters on this story:
Pavel Alpeyev in Tokyo at +81-3-3201-2137 or
palpeyev@bloomberg.net;
Takashi Amano in Tokyo at +81-3-3201-2423 or
tamano6@bloomberg.net
To contact the editors responsible for this story:
Robert Fenner at +61-3-9228-8705 or
rfenner@bloomberg.net
Suresh Seshadri, Dave McCombs