Dec 20, 2023
End of an era for electronics giant Toshiba
For seven years, Toshiba had overstated its profit by $1.59bn. In 2020, Toshiba found further accounting irregularities. An investigation in 2021 found that Toshiba had colluded with Japan's trade ministry - which saw Toshiba as a strategic asset - to suppress the interests of foreign investors. Toshiba managed to secure a $5.4bn cash injection at the end of 2017 from overseas investors, helping it to avoid a forced delisting. After a great deal of back and forth over whether the company should split up into smaller companies, Toshiba set up a committee to explore whether it could be taken private. Toshiba is a much bigger company and the stakes are high: Toshiba employs around 106,000 people and some of its operations are seen as critical to national security.
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