Toshiba update
Bloomberg News published article entitled; “Deeply Disturbing Toshiba Report Points to Powerful Figures”
- Describes contents of a 139 page report based on recent investigation
- Toshiba allegedly tapped government allies to influence voting at recent stockholders meeting
- “trying to effectively prevent shareholders from exercising their rights through undue influence”
- Claims that officials threatened some investors if they attempted to change Toshiba’s management
- Toshiba announced it will not put forward the names of Junji Ota and Takashi Yamauchi for another term as directors on board
- will not reappoint executive officers Masayasu Toyohara and Masaharu Kamo
- “We will clarify responsibilities, take appropriate measures to prevent their re-occurrence, and use this experience to improve transparency in our management”
- “We apologize to our shareholders and all the other stakeholders in view f their concerns and anxieties that they have expressed with respect to this”
- Some stockholders are still demanding removal of Osamu Nagayama as board chairman
- “When I see the whole thing set in the right order, it is an appropriate time I consider myself to resign” sated Nagayama