Toshiba CEO “Apologizes” After Stock Plummets On Latest Accounting Scandal

Tuesday, December 27, 2016
By Paul Martin

by Tyler Durden
Dec 27, 2016

Last July, a pillar of so-called “Japan Inc” crashed when Toshiba admitted it had inflated profits by a stunning $1.2 billion for no less than 7 years, with fabricated figures amounting to 30% of the company’s “profits” since 2008.

In the immediate aftermath of the scandal becoming public, Toshiba’s then- CEO Hisao Tanaka said on Tuesday at a news conference, following a 15-second bow of contrition, that he “felt the need to carry out a major overhaul in our management team in order to build anew our company.” “We have suffered what could be the biggest erosion of our brand image in our 140-year history.” As a result, Tanaka, who together with five members of his senior staff, resigned after bowing down to, and apologizing to investors.

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