- Title: Toshiba wins auditor sign-off, likely avoiding delisting for now
- Date: 10th August 2017
- Summary: TOKYO, JAPAN (AUGUST 10, 2017) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** (FROM LEFT) TOSHIBA CORP EXECUTIVE VICE PRESIDENT, MASAYOSHI HIRATA AND TOSHIBA CORP CEO, SATOSHI TSUNAKAWA, BOWING AND TAKING SEAT AS NEWS CONFERENCE BEGINS SCREEN READING (English): "TOSHIBA Leading Innovation" TSUNAKAWA AND HIRATA SITTING AS NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Japanese) TOSHIBA CORP CEO, SATOSHI TSUNAKAWA, SAYING: "We think it is possible to decide on the (memory chip) deal by end-March, so we are doing our utmost to work towards that. Nothing has been decided yet on what if we don't make it in time." REPORTERS SITTING IN NEWS CONFERENCE (SOUNDBITE) (Japanese) TOSHIBA CORP CEO, SATOSHI TSUNAKAWA, SAYING: "There is the lawsuit from Western Digital and it's correct to think that things like this are greatly affecting (the chip deal)." NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (Japanese) TOSHIBA CORP CEO, SATOSHI TSUNAKAWA, SAYING: "We are working on strengthening our internal controls. Besides that, we do not think there are flaws." TSUNAKAWA BOWING AND LEAVING NEWS CONFERENCE
- Embargoed: 24th August 2017 09:35
- Keywords: Toshiba Corp Satoshi Tsunakawa auditors PriceWaterhouseCoopers Aarata LLC
- Location: TOKYO, JAPAN
- City: TOKYO, JAPAN
- Country: Japan
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0016TKPCP9
- Aspect Ratio: 16:9
- Story Text: Toshiba Corp has likely avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance on Thursday (August 10), yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash.
The chips unit accounted for 94 percent of Toshiba's total April-June operating profit of 96.7 billion yen. The result represented a leap from the 16.3 billion yen of a year earlier, allowing Toshiba to raise its full-year earnings outlook. The conglomerate hopes auctioning its chip unit will help it pay debt and cover the impact of $6.3 billion in liabilities linked to Westinghouse, but talks on the sale have stalled.
Toshiba's joint venture partner Western Digital Corp, which has said any sale would require its consent, has opposed the auction and has taken Toshiba to court in addition to lodging its own offer for the chip business.
Toshiba has struggled to win back shareholder trust since 2015 when it said it had inflated profits over several years, and analysts have said it was unclear whether it could stay listed in the long term regardless of the auditor's endorsement. - Copyright Holder: REUTERS
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