toshiba-hisao-tanaka

CEO of Toshiba Quits After $1.2 Billion Dollars in Profits are Fake

President and CEO Hisao Tanaka has left the company Toshiba behind after a fallout within the company resulting into a declared $1.2 billion dollars in false profits.

 

Tanaka isn’t the only member of the company leaving either as two more executives have also lodged their resignations while also taking full responsibility for the scandal. Speculations and an independent investigation into the matter has come to a conclusion with management lying about operating profits for over six years, just to meet the targets that the company set.

The books seem to be completely cooked after the financial crash over six years ago, Toshiba is now estimating now a 55 billion yen ($442 million) writedown, this is an estimated figure but today’s report says that this figured has tripled.

Toshiba-Logo

Source: Bloomberg, Toshiba (PDF)