Toshiba to unveil business plan on Friday

  • TECH
  • Tuesday, 15 Mar 2016

Cutting costs: Muromachi has announced more than 10,000 job cuts.

TOKYO: Japan's Toshiba Corp announced it will unveil on Friday its business strategy for the next fiscal year, which, analysts say, will include plans to boost its finances after a US$1.3bil (RM5.38bil) accounting scandal.

The laptops-to-nuclear conglomerate also said it would aim to bolster transparency by hiring a permanent auditor who will oversee its accounts to ensure the company complies with regulations.

To clarify responsibilities for the scandal, it said it had punished 40 more employees, in addition to 26 already punished.

Toshiba "will make a united effort to improve internal control and corporate culture," it said in a statement.

In the wake of a book-keeping scandal in which Toshiba overstated profits from around 2009, chief executive Masashi Muromachi has announced more than 10,000 job cuts and plans to sell its loss-making laptops and home appliances businesses.

Toshiba last week said it granted Canon Inc exclusive negotiating rights to buy its medical equipment unit after a hotly contested auction, with a report putting Canon's offer at more than US$6bil (RM24.8bil). The deadline for finalising a deal is Friday. —  Reuters
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Did you find this article insightful?


Next In Tech News

Africa retail tech startup Sokowatch eyes electric tuk tuks to cut costs
Amazon says sellers racked up more than US$4.8bil in sales over weekend
Airbnb-, Amazon-style services in focus in Canada tax proposal
Amazon brings macOS to cloud in a boost to Apple app developers
MSU’s eSports team wins PMCC 2020, scores RM20,000 prize
Opinion: TikTok stars and YouTube gamers are the new climate warriors
UK labour unions work to find ways to bargain with AI’s black box
This holiday season, Americans are shopping from home
Celcom to upgrade network, with focus on rural areas
Cyber Monday poised to mark record for US online retail sales

Stories You'll Enjoy