Jun 23, 2016

GPIF sues Toshiba for losses over accounting scandal

Japan’s $1.3 trillion Government Pension Investment Fund is suing Toshiba Corp. for losses on its investments after an accounting scandal sent the conglomerate’s shares plunging. GPIF is seeking damages of about ¥900 million, said Shinichirou Mori, a spokesman for the fund. The losses related ...

Jun 22, 2016

Toshiba chief vows to regain trust at shareholders meeting

Toshiba Corp. President Masashi Muromachi vowed Wednesday to rebuild trust in the electronics and machinery giant after an accounting scandal. “We’re resolved to do all we can to win back trust and restore the value of the firm,” Muromachi told a general shareholders meeting ...

May 23, 2016

Toshiba revises earnings results, plans to halve capital base

Toshiba Corp. has corrected fiscal 2015 earnings results released earlier in the month, as the industrial conglomerate reviewed its calculations of losses from its nuclear power business. Toshiba, hit by an accounting scandal that surfaced roughly a year ago, also announced it will more ...

May 12, 2016

Toshiba posts ¥483.2 billion loss on Westinghouse writedown

Toshiba said Thursday that it suffered a ¥483.2 billion full-year net loss as the troubled conglomerate booked a massive writedown of its U.S. nuclear unit. It said the worst was over and forecast profits for the current business year. Once a proud pillar of ...

May 6, 2016

Toshiba VP Tsunakawa to become president in June

Toshiba Corp. said Friday it will promote Vice President Satoshi Tsunakawa to replace President Masashi Muromachi as the industrial conglomerate aims to rebuild itself under new leadership. The company’s board of directors made the decision on Friday. The personnel change is expected to take ...

Apr 27, 2016

Toshiba reduces projected loss for 2015 business year

Toshiba Corp. has said it plans to book an asset impairment loss of around ¥260 billion in its results for the year to March 31 by writing down the value of its U.S. nuclear power subsidiary Westinghouse Electric Co., which it acquired in 2006. ...

Toshiba to tap ex-medical chief Tsunakawa as new president

Apr 24, 2016

Toshiba to tap ex-medical chief Tsunakawa as new president

Struggling electronics giant Toshiba Corp. is preparing for Corporate Senior Executive Vice President Satoshi Tsunakawa to succeed President Masashi Muromachi, company sources said Sunday. With restructuring under 66-year-old Muromachi making measured progress, the company aims to rebuild itself in terms of both trust and ...

Apr 22, 2016

Toshiba faces ¥300 billion loss over Westinghouse

Toshiba Corp. plans to book an impairment loss of around ¥300 billion for fiscal 2015 linked to its U.S. nuclear power subsidiary Westinghouse Electric Co., sources familiar with the matter said Friday. The loss would be larger than anticipated. The struggling electronics maker, mired ...