The Traderszone Network

Published in TZ Latest News 12 November, 2015 by The TZ Newswire Staff

Investors flee Toshiba as hopes fade for quick scandal closure

Investors dumped shares in Japan’s Toshiba Corp on Friday, as closure on the company’s $1.3 billion accounting scandal appeared further out of reach after new revelations of losses at its U.S. nuclear unit Westinghouse. The laptops-to-nuclear conglomerate confirmed an earlier media report saying the Westinghouse nuclear business had booked losses in fiscal years 2012 and 2013. The company defended its disclosure practices, saying it did not need to write down such losses because the Westinghouse operation was profitable overall.