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A disputed meeting of Toshiba Corp. shareholders last year was held properly and a subsequent independent report supported by activist investor Effissimo Capital Management was misleading, said two former executives of the electronics conglomerate who were dropped from the board.

Masayasu Toyohara and Masaharu Kamo said the annual meeting in July 2020 was conducted properly, rejecting the conclusions of a 139-page report by a law firm this year that determined Toshiba had worked with Japan’s trade ministry to prevent shareholders from exercising their rights.

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