July 22, 2015 at 19:48Toshiba capitalization after the departure of top managers grew by $ 800 million
The long-standing distortions of Toshiba’s financial statements that led to the resignation of Hisao Tanaka CEO, Megamozg , reported Other Toshiba directors may leave their places in the company, and it is planned to take outside leaders in their place. The market positively received such news, and at the close of trading in Tokyo, the company's shares rose 6.1%, RBC reports . The company's capitalization results in just a day grew by $ 800 million.
Interestingly, the audit, during which numerous manipulations with Toshiba reporting was revealed, was initiated by the management itself. The investigation was conducted by independent experts, led by a former Tokyo prosecutor investigator, Koichi Ueda. The reason for the audit was the suspicion of Toshiba management about violations in the financial statements.
As it turned out, bookkeeping carried out many manipulations with reporting as directed by 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 fictitious documents for a fictitious profit of 500 billion yen. “There was an atmosphere in Toshiba in which it was impossible to argue with the bosses,” commented the participants in the investigation.
Now the interim leader of Toshiba is Masashi Muromachi. The main efforts of the concern management will now be aimed at correcting reporting errors and restoring investor confidence.
Interestingly, the audit, during which numerous manipulations with Toshiba reporting was revealed, was initiated by the management itself. The investigation was conducted by independent experts, led by a former Tokyo prosecutor investigator, Koichi Ueda. The reason for the audit was the suspicion of Toshiba management about violations in the financial statements.
As it turned out, bookkeeping carried out many manipulations with reporting as directed by 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 fictitious documents for a fictitious profit of 500 billion yen. “There was an atmosphere in Toshiba in which it was impossible to argue with the bosses,” commented the participants in the investigation.
Now the interim leader of Toshiba is Masashi Muromachi. The main efforts of the concern management will now be aimed at correcting reporting errors and restoring investor confidence.