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Bankruptcy beckons for Toshiba because of its nuclear investment failures

Toshiba May Go Bankrupt as Result of Nuclear Investments, The Green Optimistic

The takeover of Webster & Stone by by Toshiba‘s subsidiary Westinghouse may go down in history as one of the worst investments ever made, and it all centers around nuclear power.

Ultimately Toshiba is left holding the bag for a huge construction backlog of nuclear power plants, 46 at present count, and none of them may ever be completed.

On top of the issues surrounding the construction of the nuclear plants, it seems as though senior management at Toshiba has been cooking the books. Their former auditing firm Ernst and Young was recently fined for helping them record more than 300 million dollars in fictitious profits.

A recent Toshiba earnings call was scuttled because their current auditor wouldn’t sign off on the necessary documents, but the unofficial figure for their losses so far is in excess of 6 billion dollars.

What Happened? The details of this financial catastrophe are nuanced, but they all revolve around the difficulty that new nuclear power projects are facing………

Toshiba isn’t alone in the land of nuclear woe. …… https://www.greenoptimistic.com/toshiba-bankrupt-nuclear-20170223/#.WLC9etKGPGg

February 25, 2017 - Posted by Christina Macpherson | general