Toshiba to un­veil busi­ness plan on Fri­day

The Pak Banker - - 6BUSINESS -

TOKYO: Ja­pan's Toshiba Corp (6502.T) an­nounced it will un­veil on Fri­day its busi­ness strat­egy for the next fis­cal year, which, an­a­lysts say, will in­clude plans to boost its fi­nances af­ter a $1.3 bil­lion ac­count­ing scan­dal. The lap­tops-to-nu­clear con­glom­er­ate also said it would aim to bol­ster trans­parency by hir­ing a per­ma­nent au­di­tor who will over­see its ac­counts to en­sure the com­pany com­plies with reg­u­la­tions.

To clar­ify re­spon­si­bil­i­ties for the scan­dal, it said it had pun­ished 40 more em­ploy­ees, in ad­di­tion to 26 al­ready pun­ished.

Toshiba "will make a united ef­fort to im­prove in­ter­nal con­trol and cor­po­rate cul­ture," it said in a state­ment.

In the wake of a book-keep­ing scan­dal in which Toshiba over­stated prof­its from around 2009, Chief Ex­ec­u­tive Masashi Muro­machi has an­nounced more than 10,000 job cuts and plans to sell its loss-mak­ing lap­tops and home ap­pli­ances busi­nesses. Toshiba last week said it granted Canon Inc (7751.T) ex­clu­sive ne­go­ti­at­ing rights to buy its med­i­cal equip­ment unit af­ter a hotly con­tested auc­tion, with a re­port putting Canon's of­fer at more than $6 bil­lion. The dead­line for fi­nal­iz­ing a deal is Fri­day.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.