This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.theguardian.com/world/2015/jul/21/toshiba-boss-quits-hisao-tanaka-accounting-scandal
The article has changed 8 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Toshiba boss quits over £780m accounting scandal | Toshiba boss quits over £780m accounting scandal |
| (34 minutes later) | |
| Toshiba’s boss has quit the Japanese electronics company over a 152bn yen (£780m) accounting scandal which threatens to undermine confidence in the country’s business community. | |
| Hisao Tanaka, president and chief executive, will be replaced by Toshiba’s chairman, Masashi Muromachi, on Wednesday. Tanaka’s predecessor, Norio Sasaki, who is vice chairman, will also quit. | Hisao Tanaka, president and chief executive, will be replaced by Toshiba’s chairman, Masashi Muromachi, on Wednesday. Tanaka’s predecessor, Norio Sasaki, who is vice chairman, will also quit. |
| Toshiba overstated its operating profits over several years in accounting irregularities involving its top management, independent investigators said on Monday. | Toshiba overstated its operating profits over several years in accounting irregularities involving its top management, independent investigators said on Monday. |
| Tanaka and Sasaki knew about the profit overstatement amid a pressurised corporate culture that prompted business heads to manipulate figures to meet targets set by top executives, the investigators found. | |
| The Japanese finance minister, Taro Aso, said that the accounting irregularities were “very regrettable.” Coming at a time when Japan is trying to regain global investors’ confidence with better corporate governance, they risked damaging confidence, he warned. | The Japanese finance minister, Taro Aso, said that the accounting irregularities were “very regrettable.” Coming at a time when Japan is trying to regain global investors’ confidence with better corporate governance, they risked damaging confidence, he warned. |
| “If [Japan] fails to implement appropriate corporate governance, it could lose the market’s trust,” Aso said. “It’s very regrettable.” | “If [Japan] fails to implement appropriate corporate governance, it could lose the market’s trust,” Aso said. “It’s very regrettable.” |