Toshiba Boss Quits After Losing £780 Million Down the Back of the Sofa

By Gerald Lynch on at

Cooking the books, rounding the odd 7 up to a nice round 10 – we've all done it when breaking open the piggy bank. But doing it over the course of several years, when you're a giant tech company? That's going to raise some eyebrows, and some heads will roll.

Toshiba boss Hisao Tanaka has today announced that he will be stepping down from his position, following a 152 billion yen (£780 million) profit overstatement. Accounting irregularities concerning the company's top management was revealed by independent investigators on Monday. Norio Sasaki, Tanaka's predecessor and vice chairman, will also step down, with chairman Masashi Muromachi stepping up as president and chief executive.

Calling the news "very regrettable" at a time when Japan is trying to regain global investing confidence, Japanese finance minister Taro Aso stated that “If [Japan] fails to implement appropriate corporate governance, it could lose the market’s trust.”

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