Toshiba files results unapproved by auditor; warns of 'going concern' risk

Reuters ^ | April 11, 2017 | By Makiko Yamazaki and Taiga Uranaka

[Oldeconomybuyer]

oshiba Corp filed twice-delayed business results on Tuesday without an endorsement from its auditor and warned its very survival was in doubt, deepening a prolonged crisis at the Japanese conglomerate.

"There are material events and conditions that raise substantial doubt about the company's ability to continue as a going concern," Toshiba said in announcing bigger than previously estimated losses.

The filing carried a disclaimer from auditor Pricewaterhouse Coopers that it was unable to form an opinion of the results, increasing the likelihood that shares in the nuclear-to-TVs company will be delisted from the Tokyo Stock Exchange.

[Oldeconomybuyer]

Amazing.

[Gaffer]

I remember a very long time ago about a technology Toshiba sold some foreign company that had to do with being able to design and CNC-build shaped propellers for submarines etc., supposedly the very quiet king. I remember it being a big to-do about it.

[drop 50 and fire for effect]

I cannot remember any recent large Japanese corporate bankruptcy or dissolution. Does anyone know if Toshiba has the option to restructure or is their only option to liquidate the business?

[Blueflag]

didn’t / doesn’t Toshiba own Westinghouse (recently bankrupted by their failed nuclear (nucular) plant business)?

THAT hit was BILLIONS of dollars.

[jps098]

I have not purchased a Toshiba product since then.

[PAR35]

They transferred US submarine propeller technology to the Russia. 1980s. http://www.upi.com/Archives/1987/07/20/Toshiba-apologizes-to-nation-for-sale-of-submarine-technology/8735553752000/

[Lisbon1940]

You can be sure if it’s Westinghouse. This is fallout from Fukushima.

[oldplayer]

I was just going to post this, too. They sold or gave top secret designs for, and how to make, the silent props for US nuclear subs to the Russians. It was a HUGE deal because the Russians suddenly could make their subs silent AND they now could detect the very slight sound signature of our subs.

I have avoided Toshiba products ever since.

[Gaffer]

I stopped buying them then also.

[ProtectOurFreedom]

When I was a kid, Mad Magazine had a cartoon showing that old Westinghouse tagline as a neon sign...but with a few burned-out letters. In all it's blazing billboard glory, it read YOU CAN _____ SU_E IF IT'S WESTINGHOUSE. I thought that was comic genius.

[VTenigma]

That’s what happens when you put the back-up generators on the seaward side of a gigantic nuclear plant in a tsunami prone area. Your corporate finances blow up just like a PBWR with no cooling.