Toshiba Withdraws Forecasts, Cancels Dividend on Accounting Probe
May 8, 2015
Toshiba Corp. withdrew its earnings forecasts for last year and won’t pay a year-end dividend after finding improper accounting on infrastructure projects.
A third-party committee is also being formed to further investigate the matter, the Tokyo-based company said Friday. The company had projected net income of 120 billion yen ($1 billion) on sales of 6.7 trillion yen in the year ended March. It’s German-traded shares plunged. Continue reading