Vote of confidence for Toshiba as Tokyo’s bourse takes it off watchlist
Tokyo — The Tokyo bourse said on Wednesday it was taking Toshiba off a special watchlist, citing improved internal controls — a move that lessens but does not completely remove the risk of a delisting for the embattled conglomerate. But offering a starkly different view of Toshiba’s accounting practices, proxy advisory firm ISS said it has recommended that Toshiba’s shareholders do not approve the firm’s earnings statements for the past financial year after a mixed review from its auditor. Toshiba was placed on the bourse’s watchlist in the wake of a 2015 accounting scandal. It plunged into crisis again as of late 2016 after billions of dollars in liabilities emerged at its now bankrupt US nuclear unit Westinghouse — problems that also raised fresh accounting concerns. Aiming to plug the hole in its balance sheet, the Japanese company last month agreed to sell its chip unit to a consortium led by US private equity firm Bain Capital for $18bn, although the deal still needs to clear r...
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