An independent investigation found that the Toshiba executives set profit targets that were impossible to reach, which led to the inflated accounting. The investigators say the accounting scam was "skillfully hidden" from investors and others.
"I was shocked by the fact that one of the leading companies organizationally conducted such a thing," said Koichi Ueda, who led the investigating committee. Ueda was a former investigator with the Tokyo District Public Prosecutor's Office.
Since Toshiba announced the investigation in May, shares have fallen 18 percent and the company suspended its dividend and all quarterly forecasts.
Source:
BBG
Written by: Andre Yoskowitz @ 22 Jul 2015 10:05
