Toshiba's irregular accounting «systematic» wrongdoing: panel
22:06, 20 July 2015
TOKYO. KAZINFORM - Toshiba Corp's top management exerted pressure on subordinates to achieve ambitious budget targets and prompted the overstating of profits by 151.8 billion yen ($1.2 billion) over seven years in a "systematic" manner, a third-party panel investigating its accounting irregularities said Monday.
The panel criticized the Japanese conglomerate for a "corporate culture" that does not allow subordinates to go against their bosses, and its failure to put a proper internal audit mechanism in place, as irregular practices took place at almost all of its businesses ranging from semiconductors to personal computers and televisions. Source: Kyodo