Toshiba unable to present audited results at end-June shareholders meeting

Toshiba unable to present audited results at end-June shareholders meeting

Toshiba unable to present audited results at end-June shareholders meeting

Struggling to win approval for its results from its auditor, the embattled conglomerate is already at the brink of stock market delisting, and the delay could affect the Tokyo Stock Exchange's review of Toshiba's qualifications for remaining on the bourse.

A Toshiba spokesman said: "The company is still cooperating with its independent auditor to close the group's financial results, including its former subsidiaries, Westinghouse Electric Company and its group of companies, which filed for Chapter 11 under the US Bankruptcy Code. Toshiba recognizes that it will not have the lead time required to prepare and provide the business report" for the June 28 ordinary shareholders meeting, Toshiba said in a statement on Wednesday.

"The company expresses its honest apologies to its shareholders, investors and all other stakeholders for any concerns or inconvenience caused by this situation", he added.

The Tokyo-based group explained that it can not inform shareholders on the accounts or business report as it has not yet been given a clean bill of health from the auditor on the subject of this year's financial results.

Toshiba, the world's second-largest NAND chip maker, is depending on the sale to cover billions of dollars in cost overruns at its now bankrupt US nuclear unit Westinghouse.

It will also request for shareholder approval of reappointment of sitting directors, for the period until the shareholders' meeting later when Toshiba is set to present audited results.

The company also said that the auction for its chip unit business has to be done by the end of March 2018 so as to guarantee that its equity recovers to a positive level.

Toshiba is reeling from massive losses related to Westinghouse Electric, its USA subsidiary that filed for Chapter 11 bankruptcy protection in March. PwC Aarata seeks further investigation, contending that Toshiba may have been aware of the losses further back.

Toshiba has been on the Tokyo stock exchange's supervision list since mid-March as it has failed to clear up concerns about its internal controls after a 2015 accounting scandal.

Recommended News

  • Bomb blast in Kabul; Diplomatic zone attack kills dozens

    Bomb blast in Kabul; Diplomatic zone attack kills dozens

    Soldiers in fatigues stood with guns drawn - the sounds of screams, blaring sirens and traffic piercing the morning sky. More than 50 vehicles were destroyed. "It's especially contemptible that these people were the target", Gabriel said.
    Fergie sticks up for Wenger; claims Arsenal pressure is unfair

    Fergie sticks up for Wenger; claims Arsenal pressure is unfair

    Ian Wright is backing Arsenal to beat Everton in their final Premier League game at The Emirates on Sunday afternoon. Pressed on whether it would be his last game ever in north London he replied: "I can not tell you that".

    Inspired Mattek-Sands edges out Kvitova

    She was undecided until late last week whether to even try to play in the French Open . Peter Bodo has been covering tennis for over 35 years, mostly recently for ESPN.
  • Kevin Sumlin: Texas A&M AD: HC Sumlin has to win this year

    Kevin Sumlin: Texas A&M AD: HC Sumlin has to win this year

    Texas A&M head coach Kevin Sumlin is on the hot seat entering his sixth season in College Station. Sumlin has three years left on a six-year contract that pays him about $5 million per season.
    Prosecutors to drop charges in Stanley Cup dead catfish toss

    Prosecutors to drop charges in Stanley Cup dead catfish toss

    Pittsburgh's first shot on goal after the shot-less drought? "I can't remember facing that kind of game before". The Predators had been dominating up until then, and the loss of an opening goal clearly rattled Nashville.
    Cast of

    Cast of "Star Wars: The Last Jedi" Cover Vanity Fair

    Lucasfilm puts the package on the promotion of the next opus of the saga taking place in a galaxy very distant ... According to Vanity Fair , he "goes unnamed in the film but is called DJ by the filmmakers".
  • SNP insists independence vote as Brexit alternative

    She added: "For the Tories, austerity cuts are not simply a policy response to a particular economic situation". The SNP will today launch their election manifesto in the full knowledge that for them, the only way is down.
    Wenger signs new two-year contract with Arsenal

    Wenger signs new two-year contract with Arsenal

    Arsene Wenger called for unity from Arsenal's supporters after ending the speculation over his future by signing a new contract. Am I the right man to take this club further? Gazidis said there was no complacency.

    Warriors wary of LeBron as Cavs arrive for Finals

    The third chapter of the trilogy has seen the Warriors sign superstar free agent forward Durant and again lead the league in wins. Oklahoma City was tops in the West in FG shooting defense , while the Pacers were best in the National Basketball Association .
  • PM and Jeremy Corbyn face separate TV grillings by Jeremy Paxman

    PM and Jeremy Corbyn face separate TV grillings by Jeremy Paxman

    Conservative Defence Secretary Michael Fallon said Mr Corbyn had "spent 30 years siding with those who oppose Britain". This would cost a total of £173,282, or 54% of the average asking price.
    One victim in Portland hate speech stabbing has Juneau ties

    One victim in Portland hate speech stabbing has Juneau ties

    Anti-Muslim incidents increased more than 50 per cent in the USA a year ago , it said. "I didn't want him to notice me". Meanwhile, more than than $800,000 has been raised for their families to help with costs.

    80 dead, more than 350 injured in Afghanistan attack

    Officials said at least 25 people were wounded, with a number of civilian vehicles destroyed or badly damaged. All staff were safe, he said, though the blast left "considerable damage", including shattered windows.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.