Toshiba - facturação

[Jorge-Vieira]

Toshiba faces £39 million fine over accounting scandal

Toshiba is facing a huge fine of 7.37 billion Yen/£39 million/$60 million, following a huge accounting scandal that took place over seven years and saw the company overstating its profits by huge amounts. So far, the current fine is just the suggested figure from the Securities and Exchange Surveillance Commission, this would end up being the biggest fine ever handed over to a Japanese company by the FSA, so it is pretty significant.
The fine still has to undergo the FSA’s approval, so the figure could be lessened. However, word has it that Toshiba in-fact expected the fine to be much worse.

Image Source: Wikimedia
Toshiba overstated its earnings by $1.3 billion in total, which caused share prices to plummet after the information went public. As a result of this, around 50 share holders are planning a lawsuit against Toshiba, following the accounting scandal, which will end up costing the company even more money.
The accounting errors were uncovered earlier this year, when a security regulator found irregularities in Toshiba’s balance sheet. This caused six high-ranking employees at the company, including its CEO/Founder, Hisao Tanaka to resign. Right now, the investigation in to how this happened is still underway by an independent panel.

Noticia:
http://www.kitguru.net/channel/gener...nting-scandal/


Mais um escandalado que deve ainda estar no inicio...

[Jorge-Vieira]

Axe fails at Toshiba

6,800 out into the cold and snow at Christmas
More than 6,800 employees at Toshiba are paying the price for not standing up to corporate executives who were encouraged to cook the books.


The executives were told to fudge targets and reported sales which were over estimated by $1.3 billion. They all did what they were told until the whistle was blown on the cover-up.
Now the company has had to cut back to make up for all the lost cash and it seems it is the workers who will pay the price.
Toshiba will slash around 6,800 jobs in its consumer electronics operations it says that the moves will turn the sprawling conglomerate into a leaner company focusing on chips and nuclear energy.
Toshiba has confirmed that it is flogging its TV manufacturing plant in Indonesia.
Due to costs of restructuring, which also include the sale of its TV manufacturing plant in Indonesia, Toshiba said it expected a net loss of around $4.53 billion in this fiscal year ending in March. So it is bleak for the company and beak for its employees.
Reports into how the incident happen focus on the Japanese culture of obeying authority. Apparently no one stood up as managers were encouraged to effectively make up figures to meet impossible targets. This culture worsened after Toshiba’s nuclear disaster at Fukushima saw managers put more pressure on for good rather than accurate figures to make up for the lost cash.

Noticia:
http://www.fudzilla.com/news/39501-axe-fails-at-toshiba

[Jorge-Vieira]

Toshiba sheds 6800 staff due to accounting scandal

While we reported that Toshiba are looking at a hefty $60m fine thanks to some 'creative' accounting mishaps, the aftermath of this massive blowout has resulted in 6800 staff being let go.

The cuts are happening within the consumer electronics division only and are set to be part of a Toshiba HQ reconstruction. In addition to this, reports claim that Toshiba is also looking to offload its television and washing machine manufacturing facilities in Indonesia, while this tech giant is also looking at investors to assist with healthcare ventures.

With Sony purchasing Toshiba's sensory fab for $155m and board resignations happening due to this accounting scandal, there's no saying what the next step will be.

Noticia:
http://www.tweaktown.com/news/49136/...dal/index.html

[Jorge-Vieira]

Toshiba Records $4.5 Billion Annual Loss – Announces Restructuring Plan

Toshiba’s CEO was forced to resign after revelations came to fruition about the company’s management exaggerating operating profits by as much as $1.2 billion. Clearly, this has made a profound impact on Toshiba’s reputation among partners and consumers. According to The Wall Street Journal, Toshiba is set to make a $4.5 billion annual loss with 7,800 jobs being cut as part of a large restructuring programme. Toshiba is having to make difficult decisions to try to restore faith in the company and rebuild once again. However, given their tarnished reputation, it’s impossible to know if Toshiba has a long-term future.
Out out the job losses, 6,800 are going from Toshiba’s customer-electronics and applications department. Toshiba President Masashi Muromachi said about the upcoming financial period:

“We admit our steps toward restructuring were behind the curve,”
“The damage wouldn’t be this large if we had been able to implement overhaul plans much sooner.”

He also suggested that the company would “focus on businesses that can generate profits” and “consider withdrawals from unprofitable ones if a turnaround is difficult.” This is an interesting statement to make and exemplifies how challenging Toshiba’s future is. It seems even the company’s CEO isn’t optimistic about the profitability of certain markets. This means is perfectly feasible for Toshiba to exit the consumer electronic sector to stay afloat.

Noticia:
http://www.eteknix.com/toshiba-recor...ucturing-plan/

[Jorge-Vieira]

Japan's government bails out Toshiba

If your executives get done for fraud it is nice to have government help
The Japanese governmet has stepped in to help Toshiba rebuild its home electronics division and other operations by facilitating tie-ups with Sharp and others.

Toshiba was gutted by a corporate fraud scandle where managers were encouraged to boost sales to make the company look like it was doing better than it was. Now, having to find more than a billion dollars to cover the faulty reporting and to restructure so that it is nto making a loss, Toshiba is looking to merge its white goods segment with its counterpart at Sharp or another Japanese home electronics manufacturer.
Support would come from the industry ministry and public-private investment fund, the Innovation Network of Japan which is a government fund. Money might also be used to help the outfit restructure its nuclear power business as the manufacturer hopes to find a partner for boiling-water reactors.
INCJ has also been looking to inject funds into Sharp and was pursuing a broader restructuring of the troubled firm including a possible merger with Toshiba's consumer electronics arm.

Noticia:
http://www.fudzilla.com/news/39556-j...ls-out-toshiba

[Jorge-Vieira]

Toshiba off-loads chips in favour of NAND

Accounting scandle continues to bite
Toshiba is getting out the processor business so that it can concentrate on making memory as it tries to recover from its $1.3 billion accounting scandal.

The Japanise press has suggested that Toshiba has interest in part of its chip making business from the Development Bank of Japan. The state-owned bank has already invested in Seiko's semiconductor operations.
Toshiba is keeping its NAND flash memory operations and will chuck some of the money it has not got into improving production.
What will be sold is its LSI and discrete chips, which are widely used in cars, home appliances and industrial machinery. In fact it is one of the few companies trying to get out of the automotive industry. Some of this is because Tosh has not made much money out of it. This division lost $2.78 billion in the year ended March 2015.
Following the accounting scandal, Toshiba has been focusing on nuclear and other energy operations, as well as its storage business, which centers on NAND flash memory chips.

Noticia:
http://www.fudzilla.com/news/process...favour-of-nand