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Wednesday, July 22, 2015

Toshiba's False Profits

It seems that 30% of Toshiba's "profits" in the past 7 years were fabricated!

An independent panel appointed by Toshiba said that the firm had overstated its operating profit by a total of £780M.

Toshiba's chief executive and president Hisao Tanaka has resigned. Eight senior executives have now resigned after the independent report found that senior management were involved in a scheme to inflate profits over several years.

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