Toshiba bosses resign over $1.2bn profit scandal
21 İyul 2015 12:27 (UTC+04:00)
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.
Current President Hisao Tanaka and his predecessor are both expected to resign over the profit-padding scandal after investigators uncovered irregularities stretching back to 2008.
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.