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Raymond Doherty 11 Apr 2017 11:12am

Toshiba files results without PwC approval

Troubled electronics giant Toshiba has raised further concerns by filing its results without approval from its auditor PwC

The figures for the three months to December – which have been twice delayed – were published this morning with a disclaimer from auditor PwC Aarata LLC that it was unable to form an opinion of the results.

It increased the likelihood that Toshiba could be delisted from the Japanese stock exchange.

It is the latest scandal to hit the Japanese tech company. In January it was alleged that senior management had a role in padding profits by 40bn yen (£276m) over a three-year period.

Before that it faced a multi-billion pound writedown over the valuation of its US nuclear business.

In 2015 it was revealed Toshiba overstated its operating profit by nearly $2bn (£1.3bn) over the last seven years. The Tokyo Stock Exchange ordered it to pay a fine of £494,000 after the overstatement and placed the firm’s stock on alert in September.

It then filed an action for compensatory damages of 300m yen (£1.6m) against Hisao Tanaka, its former chief executive, two former chief financial officers and two other ex-chief executives.

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