Toshiba CEO to resign over financial scandal

The Chief Executive of the electronics company Toshiba, Hisao Tanaka, is expected to resign after it was revealed that for the last six years, the company has been claiming more profits than it had actually earned.

He is expected to be replaced by the Chairman Masahi Muromachi, however the vice-Chairman Norio Sasaki is expected to resign as well.

An independent company commissioned by Toshiba to examine the financial situation yesterday told Toshiba that it was claiming to have earned $1.22 billion dollars more than it had actually earned.

Finance Minister Taro Aso said that this might affect the trust of corporate governance in Japan.

The inquiry found that the false reporting started seven years ago during the financial crisis when the company directors began to impose unrealistic targets.

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