21.07.15

Toshiba chief quits over €1bn hole in accounts

The chief executive and president of Toshiba has resigned in the wake of an investigation that found the electronics company had overstated profits for six years.

An independent panel discovered accounting discrepancies to the tune of 151.8bn yen (approximately €1.1bn).

Hisao Tanaka announced his resignation in a press conference on Monday amid news that vice chairman, Norio Sasaki would also be leaving Toshiba. Chairman Masashi Muromachi will now take the reigns of the company.

In a statement, the Japanese manufacturer apologised to shareholders, investors and stakeholders and promised to reflect on recommendations made by the independent investigation committee.

The statement can be read in full here: http://www.toshiba.co.jp/about/ir/en/news/20150720_1.pdf