DV Hardware - bringing you the hottest news about processors, graphics cards, Intel, AMD, NVIDIA, hardware and technology!

   Home | News submit | News Archives | Reviews | Articles | Howto's | Advertise
 
DarkVision Hardware - Daily tech news
November 15, 2018 
Main Menu
Home
Info
News archives
Articles
Howto
Reviews
 

Who's Online
There are currently 163 people online.

 

Latest Reviews
Arctic BioniX F120 and F140 fans
Jaybird Freedom 2 wireless sport headphones
Ewin Racing Champion gaming chair
Zowie P-TF Rough mousepad
Zowie FK mouse
BitFenix Ronin case
Ozone Rage ST headset
Lamptron FC-10 SE fan controller
 

Follow us
RSS
 

Toshiba executives quit after $1.2 billion accounting scandal

Posted on Tuesday, July 21 2015 @ 11:32:00 CEST by


Toshiba logo
Japan is hit by a massive accounting scandal as a probe into Toshiba reveals the electronics giant systematically overstated its earnings by 151.8 billion yen (US$1.2 billion) over the last seven years.

The problems reportedly date back to the financial crisis in 2008, when managers across Toshiba's many units began taking accounting shortcuts to meet increasingly difficult profit goals imposed by superiors. A committee of independent experts hired by Toshiba to examine its accounting practices accused the company of not only breeding “a corporate culture where it is impossible to go against one’s bosses’ wishes” but also of “systematic involvement, including by top management, with the goal of intentionally inflating the appearance of net profits."

Toshiba Corp. President Hisao Tanaka and two other executives took responsibility by resigning. No charges have been filed against Toshiba or its executives in the case.

After the news hit the wire, Toshiba surged 6.1 percent on the stock exchange as investors hope things will return to normal. However, Fujiwara of Shinkin Asset points out the accounting scandal may impact all Japanese companies going forward as it may leave foreign investors with a vague feeling of uncertainty towards Japanese corporate earnings.
Toshiba surged 6.1 percent, the most since June 2013, to 399.90 yen at the close in Tokyo trading Tuesday. The stock has declined 17 percent since Toshiba initially announced its accounting probe on May 8, compared with a 7.6 percent gain for the Nikkei 225 Stock Average.

“The amount of fraudulent profits, the involvement of top management and their subsequent resignation have already been priced in,” Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co. in Tokyo, said before the announcement that the executives were stepping down. “If the management structure responsible for this is renewed and dealt with accordingly, things will return to normal.”




 



 

DV Hardware - Privacy statement
All logos and trademarks are property of their respective owner.
The comments are property of their posters, all the rest © 2002-2018 DM Media Group bvba