Toshiba's top executives were involved in "systematically" inflating profits by $1.2 billion over several years, an independent panel said Monday, in a stinging indictment of one of Japan's best-known firms.
The panel, headed by a former Tokyo prosecutor, painted the picture of a corporate culture where underlings could not challenge powerful bosses who were intent on boosting profits at almost any cost.
"Inappropriate accounting was systematically carried out as a result of management decisions... betraying the trust of many stakeholders," according to a summary of the report released by the firm.
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