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Toshiba executives reportedly get caught inflating profits by $1 billion

By Justin Kahn
Jul 15, 2015
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  1. [parsehtml]<p><img src="http://www.techspot.com/images2/news/bigimage/2015/07/2015-07-15-image-18.jpg" /></p> <p>Financial trouble has been stirring at Toshiba for some time now. It looks as though the Japanese conglomerate has now been <a href="http://www.wsj.com/articles/toshiba-executives-expected-to-step-down-over-accounting-scandal-1436870307">launched</a> into full crisis mode with a number of key executives leaving he company. Something just isn&rsquo;t adding up in the financial department at Toshiba and now independent investigations are underway.</p> <p>The technology company has commissioned a third-party investigation into its book keeping practices for the past few years, which has reportedly been inflated by as much $1 billion. As if that wasn&rsquo;t bad enough, Toshiba has already admitted that it may have made some mistakes back in 2013, underreporting a number of internal project costs. Previous to that, a Toshiba subsidiary was found to have been overstating earnings results for many years.</p> <p>Along with CEO Hisao Tanaka, other top-level executives running to the door include vice-president Norio Sasaki, who is expected to leave by September. The execs are jumping ship just as Japanese Prime Minister Shinz&#333; Abe is looking to crack the whip on corporations that don&rsquo;t play by the rules. The country is looking to spur foreign investment in hopes to rebound its struggling economy, according to WSJ.</p> <p>Reports suggest third party investigators are scheduled to deliver the results on the book keeping issues at Toshiba in the coming days.</p> <p class="grey">Image via <a href="http://www.bloomberg.com/">Bloomberg</a></p><p><a rel='alternate' href='http://www.techspot.com/news/61381-toshiba-executives-get-caught-inflating-profits.html' target='_blank'>Permalink to story.</a></p><p class='permalink'><a rel='alternate' href='http://www.techspot.com/news/61381-toshiba-executives-get-caught-inflating-profits.html'>http://www.techspot.com/news/61381-toshiba-executives-get-caught-inflating-profits.html</a></p>[/parsehtml]
     
  2. Justin...my grammatical sensibilities have been deeply offended!! ><
     
  3. I would say it is time for some Seppuku action at Toshiba.
     
  4. Frank Barnett

    Frank Barnett TS Rookie Posts: 61   +6

    Pay per view to help make up some of those $$$
     

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