Toshiba Shares Jump on Auditor Sign-Off

Toshiba Shares Jump on Auditor Sign-Off

Auditor PricewaterhouseCoopers Aarata gave a "qualified opinion" on the financial statements, meaning it broadly endorsed the results. The sale of Toshiba Medical Systems to Canon previous year took nine months to clear antitrust screening despite the lack of direct competition between the companies involved.

Toshiba dodged a delisting from Japan's premier stock exchange as it posted long-delayed financial results yesterday, but it lost some $8.8bn in its last fiscal year over a sea of red ink at its United States nuclear unit Westinghouse Electric.

In June, Toshiba picked the consortium of state-backed Innovation Network Corp of Japan, the state-owned Development Bank of Japan and US fund Bain Capital as its preferred bidder for its chip business.

No additional losses were expected related to its U.S. nuclear business, after the bankruptcy filing and other settlements it has reached there, he said. If the losses were booked as per PwC's opinion, Toshiba would have recorded negative net worth - liabilities exceeding assets - for two consecutive years.

The earnings filings show that Toshiba has suffered an $8.75 billion dollar net loss during the twelve-month period ending March 31, 2017.

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.

In Pakistan, there was a massive explosion
Lahore , a city of around six million, is Pakistan's cultural hub and the capital of its most powerful province, Punjab. Dr Ashraf said that all aspects of the incident would be investigated to ascertain the real cause of the explosion.

Toshiba's investigation turned up no evidence of past wrongdoing.

Yesterday was the deadline for the auditor's approval.

While Toshiba appears to have averted the risk of immediate delisting from the Tokyo Stock Exchange by submitting its annual financial results with sign-off by an auditor ahead of the deadline, the Japanese conglomerate's prospects of maintaining its listing remain far from certain.

Toshiba's joint venture partner Western Digital Corp, which has said any sale would require its consent, has opposed the auction and has taken Toshiba to court in addition to lodging its own offer for the chip business. Toshiba will, however, still be automatically delisted if it ends the current year with negative shareholders' equity.

Following PwC's sign-off, the Tokyo Stock Exchange is now reviewing Toshiba's governance to decide whether the firm can stay listed.