How Toshiba got paid before a sale closed

Money matters: Toshiba can now get a fast and badly needed infusion of capital.

TOKYO: Toshiba Corp, in a hurry to raise cash before closing its books for the business year that ended at the end of last month, was able to structure the sale of its medical equipment business to Canon Inc in an unorthodox way so that it could book the 665.5bil yen (RM23.2bil) proceeds before the deal had been approved by regulators.

It meant that the storied Japanese conglomerate, which has been struggling following an accounting scandal, can get a fast and badly needed infusion of capital at a time when it is concerned about risks of insolvency and is looking for money to restructure.