Toshiba Gains as Auditor Finally Gives Tick of Approval
12 August, 2017, 00:08 | Author: Regina Lloyd
Sources, however, have said that PwC will give an "adverse opinion" on Toshiba's internal controls in an annual report due to be filed later on Thursday. PwC took over as Toshiba's auditor in June past year.
Toshiba's USA nuclear unit, Westinghouse Electric Co, filed for bankruptcy protection in March.
Toshiba had been debating with PwC Arata over when the Japanese company realized massive losses on a USA nuclear power unit.
No additional losses were expected related to its United States nuclear business, after the bankruptcy filing and other settlements it has reached there, he said.
Toshiba still needs to get itself out of a negative net worth to avoid being delisted.
Yesterday's approval came after a seven-month investigation into the issues raised by the auditor, centered on whether Toshiba had known in advance the subsequent losses that emerged related to Westinghouse's acquisition of CB&I Stone & Webster, a nuclear construction and services business.
PwC asked Toshiba to investigate whether similar conduct had occurred in the past, and the auditor withheld its blessing from the company's earnings in the meantime.
The investigation included widespread interviews and checking into e-mails, Toshiba said.
Today was the deadline for the auditors' approval.
Toshiba had delayed the release of its financial results for months, as it struggled to secure sign-off from its auditors. The chips unit accounted for 94 percent of Toshiba's total April-June operating profit of 96.7 billion yen.
The conglomerate hopes auctioning its chip unit will help it pay debt and cover the impact of $6.3 billion in liabilities linked to Westinghouse, but talks on the sale have stalled. It's also still mired in legal wrangling with United States joint venture partner Western Digital, which is opposing the Japanese firm's attempt to sell its computer memory chip business to gain the cash it needs to survive.
By losing a net 965 billion yen for the year, Toshiba ended fiscal 2016 with a negative net worth of 552 billion yen.
Following PwC's sign-off, the Tokyo Stock Exchange is now reviewing Toshiba's governance to decide whether the firm can stay listed.
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