Tag: Toshiba

Toshiba says considering measures in case chip unit sale uncompleted by March

Chiba, JAPAN (Reuters) – Toshiba Corp is considering various measures in case it will not be able to complete the $ 18 billion sale of its prized chip unit by the end of March, its chief executive said on Tuesday.

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba’s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai/File Photo

The sale, which still needs to clear antitrust reviews, needs to close by the end of the financial year in March or it will likely report negative net worth, or liabilities exceeding assets, for a second year running. If it does, that could trigger an automatic delisting from the Tokyo Stock Exchange.

“We must think about various measures in accordance with changes in circumstances,” Toshiba CEO Satoshi Tsunakawa said at an extraordinary general meeting. “Nothing has been decided, but it’s true that we are considering potential measures.”

Reporting by Makiko Yamazaki; Editing by Edwina Gibbs

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Toshiba investigated by Japan's securities watchdog: source

TOKYO (Reuters) – Japan’s securities watchdog is investigating Toshiba Corp’s (6502.T) accounting practices for the last business year to see if it properly handled the losses incurred by its U.S. nuclear unit Westinghouse, a source familiar with the matter told Reuters.

The Securities and Exchange Surveillance Commission is examining the process involved in creating the financial report for the 2016/17 business year, said the source, who was not authorized to speak to the media and declined to be identified.

A Toshiba spokesman declined to comment.

Reporting by Takahiko Wada; Writing by Kaori Kaneko; Editing by Edwina Gibbs

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