MULTIBILLION-DOLLAR WRITEDOWN
Toshiba faces multiple suits
Chairman Shigenori Shiga is reportedly ready to step down to take responsibility for the coming writedown, estimated at $6bn
Tokyo — Japanese trust banks are preparing to sue Toshiba over its 2015 accounting scandal, a fresh headache for the company as it scrambles to offset a separate imminent multibillion-dollar writedown. The news follows an announcement by the struggling company on Friday that it would sell a minority stake in its memory chip business to raise funds and that its overseas nuclear division — the cause of its current woes — was now under review. Chairman Shigenori Shiga was ready to step down to take responsibility for the coming charge, estimated at $6bn, local media reported. The announcements on Friday failed to clear up much of the uncertainty surrounding Toshiba and its shares lost 3.7% on Monday. "No explanations were offered as to the ultimate scale of the impairment losses to be recorded in the business or how the company intends to control risk going forward," Takeshi Tanaka, an analyst at Mizuho Securities, wrote in a note to clients. Mitsubishi UFJ Trust and Banking Corp said ...
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