Toshiba confirms SEC investigation as accounting woes spread to US

[unhappycamper]

http://www.theguardian.com/business/2016/mar/18/toshiba-confirms-sec-investigation-as-accounting-woes-spread-to-us

Securities commission and justice department examining ‘accounting problem’ at US units, says Japanese corporation, amid profit-padding crisis

Toshiba confirms SEC investigation as accounting woes spread to US
Julia Kollewe and AFP
Thursday 17 March 2016 23.28 EDT

Toshiba has announced its US businesses are cooperating with authorities over alleged accounting irregularities and is to cut a further 3,000 jobs.

The company has been shaken by a profit-padding scandal in which senior management for years systematically pushed subordinates to cover up weak financial figures.

Toshiba, a pillar of Japan’s industrial establishment, is expecting a huge loss of about 710bn yen (US$6.4bn or £4.4bn) for the year to March, with declining global demand exacerbating financial woes.

The group said in a statement: “Several of our US subsidiaries have been requested to provide information by the US Department of Justice and (the) Securities and Exchange Commission (SEC), and they are cooperating with the request.” It referred to what it called an “accounting problem”, although it refrained from naming any companies.

[Hugin]

1. Toshiba has been in and out of trouble for as long as I can remember.

At least back to the '80s. Along with Hitachi, it must be something to do with their corporate culture.