Et Tu, Toshiba...?

Amazing how such corrupt practices happen at the highest echelons of companies, that are supposed to provide us with safe nuclear reactors, secure memory chips, and what not.

Toshiba chief steps down over accounting scandal

TOKYO (Kyodo) -- Toshiba Corp. said Tuesday that President Hisao Tanaka has resigned to take responsibility for an accounting scandal that a third-party investigation panel has found involved the Japanese electronics maker's top executives.
His predecessors Norio Sasaki and Atsutoshi Nishida also stepped down as vice chairman and adviser, respectively, the company said following a board meeting. Chairman Masashi Muromatchi will double as president.
"I apologize to all stakeholders, including shareholders," Tanaka told a packed press conference after his resignation was announced.
"I don't think there is anything wrong with (a company) pursuing profits," he said. "But it should be based on strict and proper accounting practices."
Tanaka said the company will take the findings of the investigation seriously and create a new Toshiba as its brand has been seriously hurt.
Pressure had been mounting on the conglomerate that makes products ranging from computer chips to nuclear reactors over the improper accounting. The panel said Monday led Toshiba to overstate profits by 151.8 billion yen ($1.2 billion) over seven years in a "systematic" manner.
Sasaki, who serves on various government panels, will quit from all of them, Economic and Fiscal Policy Minister Akira Amari told reporters.
The Japan Business Federation said Tuesday that Sasaki had also resigned as vice chairman of the business lobby, commonly known as Keidanren, effective Tuesday. (...)


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