Oh the responsibility of heading up a large tech firm operating in these turbulent times. A panel investigating a huge accounting scandal at Japanese electronics giant Toshiba has found top executives were involved in “improper practices”.
Toshiba execs implicated in finance scandal
Improper accounting, across nearly all the business of the semiconductor, electronics and nuclear equipment conglomerate, was part of Toshiba’s corporate culture, according to a report.
Toshiba says it expects around $3 billion of charges related to six years of improper accounting, a scandal that will force out Chief Executive Hisao Tanaka and many others.
Top officials have received reports from managers about how they have been delaying the booking of losses. Those practices are at the centre of the worst accounting scandal in five years in Japan.
The executives mentioned, including Tanaka, Vice Chairman and former president Norio Sasaki and former president Atsutoshi Nishida, apparently “strongly pressured” Toshiba divisions to meet budget targets, worsening the accounting improprieties.
Toshiba said on Friday that independent panel, hired by Toshiba, will report its findings on Monday, and Toshiba will announce them the following day.
The company is now considering naming an outsider to head its Audit Committee, said a Toshiba official.
SOURCE: Reuters via re/code.