Daily Management Review

Toshiba To be Excluded from the Nikkei 400 for Fraud with Reporting


08/10/2015


Shares of Japanese corporation Toshiba Corp. were excluded from the index Nikkei 400 due to errors in the financial statements, which resulted in the write-off of profits from previous years in the amount of 152 billion yen ($ 1.2 billion).



studioflux.com.au
studioflux.com.au
According to Nikkei’s press release, its composition will replenish with 43 new firms as a result of the annual revision of the index, conducted by the company in conjunction with the operator of the Tokyo Stock Exchange Japan Exchange Group. Changes will take effect from 31 August.

In late July, Toshiba announced the resignation of the president and the general director Hisao Tanaka. He made such a decision after an independent investigation found that Toshiba’s drafters of the report inflated financial results of the company with the knowledge management for six years. The chairman of its board of directors Masashi Muromachi is now the President and CEO of Toshiba.

The results of the investigation became known on July 20. It turned out that since 2008, Toshiba overstated its operating profit by a total of 151.8 billion yen ($ 1.22 billion), so that the figures, featured in the reports, are three times greater than the actual figures.

 






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