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Toshiba’s nuclear mess: shareholders hurl abuse at Toshiba managers

‘You’re trash’: Investors hurl abuse at Toshiba managers after nuclear debacle, SMH, Pavel Alpeyev and Takako Taniguchi, 31 Mar 17, Toshiba shareholders have lashed out at management and lamented the downfall of the Japanese icon before approving the sale of its memory chips division to cover the billion-dollar costs resulting from its disastrous foray into nuclear energy.

Incensed investors took turns to hurl abuse at executives during a Thursday meeting convened to take a vote on the intended disposal of its prized semiconductor business. Toshiba is looking to sell a majority stake in the unit to mend a balance sheet ravaged by billions of dollars in writedowns related to cost overruns at its nuclear subsidiary Westinghouse Electric.

Westinghouse, which Toshiba bought for $US5.4 billion in 2006, filed for bankruptcy protection on Wednesday. The Japanese company said it may now book a loss of as much as 1.01 trillion yen ($11.8 billion) in the year ending March, a record for a Japanese manufacturer.

“Toshiba is now a laughing-stock to the whole world,” one shareholder said during a question-and-answer section, raising his voice. “I think all of you are incompetent as managers. Do you even know what’s happening?”

Another shareholder addressed the executives as “trash.”……. http://www.smh.com.au/business/world-business/youre-trash-investors-hurl-abuse-at-toshiba-managers-after-nuclear-debacle-20170330-gvah2j.html

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April 1, 2017 - Posted by | business and costs, Japan

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