By Meg Teckman
(Reuters) — After two delays due to an accounting scandal, Japan’s Toshiba finally closes its books for the past financial year.
The company reported an annual net loss of over 300 million dollars as it wades through the fallout of overstating profits to the tune of 1.3 billion over the past few years.
This has led to shakeups in Toshiba’s board and top-level resignations as the company pledges to improve corporate governance.
Toshiba may face millions of yen in fines from both the Tokyo Stock Exchange and financial regulators.
The company even risked delisting from the Tokyo Stock Exchange if it missed the latest filing deadline.
Shares in Toshiba climbing nearly five percent by midday on Monday (Sep 07) but tapered off in the afternoon.
And since the probe was announced about five months ago, nearly 30 percent of value has wiped off.
The accounting scandal is Japan’s biggest since 2011 when Olympus fined for concealing decades of investment losses.
