Friday, April 29, 2016

Toshiba cooking raised investor anger 3 Director to resign

Japan's Toshiba Press Conference on July 21, tianzhongjiuxiong, President of the company, Muromachi, President of Masashi, who bowed deeply, apology to investors. Atsutoshi Nishida, Norio Sasaki and tianzhongjiuxiong has 3 Presidents also announced his resignation, by cooking the inflated revenues to the company responsible for serious problems.

According to the third party survey, since March 2009 to December 2014, Toshiba business divisions were inflated earnings before tax 151.8 billion yen. Among them, 47.7 billion yen to increase traffic automatic toll collection facility sectors, ETC, TV and computer sectors increase of 68 billion yen, the semiconductor sector increase of 36 billion yen. Surveys show that companies based on senior management intervention and commit acts of false accounting; business unit leaders must be completed under great pressure on the established performance goal; false accounting in multiple business units at the same time, organized sexual atsutoshi Nishida President, Norio Sasaki and tianzhongjiuxiong dynasties "challenges" in the name of computer, multiple business units to improve earnings.

Survey view, Toshiba executives knowingly inflated earnings in the business sector exists, but not be checked and corrected. Business units of the company through early into earnings, adjourned into real losses, inflated profits, and that this situation is in the normal state. Survey points out, "Toshiba corporate practice unable to defy the boss the intention, if not recognized by superiors, the normal accounting treatment will not be able to", "problem water injection of money correcting de facto impossible", the "company organized to hide the facts and make up other stories, making monitoring very difficult to obtain evidence and overturned legal." Importing small Shang B2C no live

An investor, has previously considered such as Toshiba, is a "Japan representatives" impossible to give false accounts of the company, but it was "like a bolt from the anger."

Under the influence of accounting event, Toshiba in the original 16 top 8 people have resigned. Currently President of its Board of Directors long room at Masashi, and new management team will be in mid-August, and September will hold a shareholders meeting.

It is reported that Japan's financial authorities will be fully involved in investigation of the Toshiba's false account, hear the views of third-party investigative bodies, and on the basis of the financial products transaction law whether the study recommends that the Office of financial services to sanction the company, submit final report is expected in late August. Among them, the incident involving the extent of investments of investors of the impact of the decision will be final for the qualitative.

In addition, alleged during the cooking, Toshiba raise funds through capital market up to about 1 trillion yen, and investors is based on false financial statements of the company to purchase the company's shares or bonds of the decision. This will directly affect Japan's financial authorities decision to pursue civil and criminal liability of the company, the maximum fine could be as high as 30 billion yen.

Japan law experts believe, if Toshiba finally found to be deliberately falsifying, the possibility of breaches of the financial products transaction law becomes very large. Under the Act, to individuals involved in the implementation of security bulletins, or report false, punishable by up to 10 years ' imprisonment and fines of up to 10 million yen. If a legal person, is punishable by fines of 700 million yen.

NHK television reported on the 22nd, United States investors believe Toshiba cooking violates United States federal securities law. If you grasp the actual performance of Toshiba, will not buy the stock price is so high. United States investors will Toshiba said the resignation of 3 claims the President, they are widely called Toshiba investors who bought stock during the cooking, prepare collective present huge compensation lawsuits.

In response to the accounting crisis, Toshiba announced on 22nd to sell its subsidiary held by Toshiba elevator Finland elevator company KONE Oyj share assets, raising about 118 billion yen, to shore up the company's financial foundation. Company Mitsui Sumitomo Bank and other financial institutions also actively to seek the financing limit of 500 billion to 600 billion yen. In addition, Toshiba is considering selling its holdings of United States 87% stake in nuclear giant Westinghouse.

(China Youth daily)