business

4 directors call for Toshiba shake-up in revolt after explosive probe

17 Comments
By Makiko Yamazaki

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17 Comments
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J-Government can abuse individuals easy. Forcing us to close business, forbid alcohol, force the Olympics, and try to change the constitution.

But corporate businessmen are not gonna go down so easy.

4 ( +6 / -2 )

If the press is fingering Suga and calling out Japan Inc. then that means that the shadow leaders have given them permission to do so. I wonder if Mr. Abe is preparing to return and throw Suga under the bus.

9 ( +9 / -0 )

In 2017, however, battered by accounting scandals and massive writedowns on its U.S. nuclear reactor business, Toshiba had to quickly seek a large capital injection from overseas investors. As a result, activist investors are estimated to account for 25% of Toshiba's shareholder base.

So, Japan inc. desperately wants foreigners to bail them out financially because they themselves are utterly incompetent and extremely corrupt. But once that has happened, they want no interference from them so they can keep running their corrupt little business as they see fit and even threaten them by using their government buddies (nissan and Carlos Ghosn, anyone?). This is absolutely scandalous. I would never invest another cent in an establishment like that. That said, I hope this can be the start of positive reforms.

14 ( +14 / -0 )

I just hope that these outside foreign directors aren't arrested and forced to confess to something that didn't happen.

12 ( +12 / -0 )

"Toshiba enjoys close ties with the government. Its nuclear reactors and defense equipment businesses mean it is also closely monitored by industry bureaucrats."

and this why the Japanese government won't allow a foreigner to buy it. Would America allow a Japanese company to buy Boeing or BAE?

-11 ( +1 / -12 )

"shareholder-commissioned investigation revealed "

and is that fair. In other words, they are paid by the shareholders.

-11 ( +1 / -12 )

Japanese bureaucrats are so incompetent that their friends in China and Vietnam are laughing at them. Suga and his elites are authoritarian wannabes who admire the Communist model of China or Vietnam; however, all of them are so hilariously inept at everything that they do. Toshiba debacle demonstrates the declining power of Japanese political elites as foreign corporate lords are successful at exposing the faulty practices of Japan Inc. Potentially, this can lead to a multi-billion dollar lawsuit that can seriously damage Japan's prestige and reputation on the global economic stage.

7 ( +8 / -1 )

If the press is fingering Suga and calling out Japan Inc. then that means that the shadow leaders have given them permission to do so. I wonder if Mr. Abe is preparing to return and throw Suga under the bus."

Think that's a given..the only question is whether it will be before or after the autumn election depending on how Suga,s polling numbers are going .

3 ( +4 / -1 )

Long article, but, not a single reference to the panic attempt of his ex Ceo to sell it to Blackstone to take it of the stock market and kill the investigation.

long way to go to clean corporate governance.

5 ( +6 / -1 )

Potentially, this can lead to a multi-billion dollar lawsuit that can seriously damage Japan's prestige and reputation on the global economic stage.

At best, this is what should happen. A total humiliation is what the people of Japan need. This country will only change when reality hits them in face with the force of freight train.

6 ( +6 / -0 )

At best, this is what should happen. A total humiliation is what the people of Japan need. This country will only change when reality hits them in face with the force of freight train.

There is already a huge one rising on the horizon.

https://www.ft.com/content/155da1d7-075e-4122-adec-1e4fec51f582

Japanese bureaucrats are terrified that their signed FTA treaties have consequences if Japan breaks them. In the case of Toshiba, there are real consequences that can affect Japan as a whole if Japan does not play by the global rules-based order. One of the most visible consequences is a credit downgrade on a national level.

1 ( +2 / -1 )

"independent directors, all non-Japanese, "

T Japan:

Easy; get rid of them.

While at it do a sweeping here at JT too.

Simples.

-5 ( +0 / -5 )

Only the directors??? all people involved must be punished.

1 ( +3 / -2 )

Japan’s reputation really is sliding down the pan these days. The succession of corporate misfeasance and attempted coverups, international exposure of its hostage justice system and the debacle of its pandemic response (testing? what testing) and vaccination programme, all very public and in the worlds gaze.

Pity, the Japanese people deserve better.

0 ( +0 / -0 )

Japan’s reputation really is sliding down the pan these days. The succession of corporate misfeasance and attempted coverups, international exposure of its hostage justice system and the debacle of its pandemic response (testing? what testing) and vaccination programme, all very public and in the worlds gaze.

Ain't that the case.

2 ( +2 / -0 )

new wine, old bottles; old wine, new bottles - same old, same old

3 ( +3 / -0 )

We've known about this for years... Japan isn't a squeaky clean Democratic, Capitalist Open market environment that we've been told, and this is not unusual within Asia as a whole.

5 ( +5 / -0 )

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