Toshiba CEO Steps Down Over Fake Accounting Reports
Japanese Electronics Company Toshiba is in the news after it was recently revealed that the company’s top executives had been inflating the company’s reported profits over the past five years. The inflated sum is thought to be in the region of $1.2 Billion.
Toshiba’s Chief Executive Officer Hisao Tanaka and Vice Chairman Norio Sasaki are stepping down as a direct result of the accounting scandal.
The investigation into Toshiba’s earning was carried out by an independent auditor. Toshiba is one of Japan’s biggest companies and it has released a statement apologizing to its shareholders; “It has been revealed that there has been inappropriate accounting going on for a long time, and we deeply apologise for causing this serious trouble for shareholders and other stakeholders,”