President of Toshiba Resigns After Manipulation Of The Accounting Data

President of Toshiba Resigns After Manipulation Of The Accounting Data -
President of Toshiba Resigns After Manipulation Of The Accounting Data -

Hisao Tanaka, who was president and CEO of Toshiba today resigned after an independent report denounced a series of illegal practices which accounting data were falsified in order to reach the goals of the company.

The president of Toshiba,  Hisao Tanaka resigned his post today following the discovery that the company accounts had been falsified for six years .In that period, under the direction of Tanaka, Toshiba would come to inflate operating profit in about 1,200 million. With him were his two predecessors resigned and the company announced the renewal of the management team.

The uncovering of this scandal thanks to a report by independent experts where a group of illegal practices approved by senior management in order to cover costs and increase profits denounced. She According to the report, the accounting fraud began in 2008, which coincided with the international finance crisis “forced” to company executives make up the accounts to make it appear that Toshiba itself reached its objectives . Thus, the pressure to reach goals in a complicated panorama made this practice is recurring.

At Toshiba we had a corporate culture that not allowed to go against the wishes of their superiors. When top management presented the goals, means charges carried out improper accounting practices to meet these goals , “the statement said. It notes that  Tanaka denied having given the order to manipulate accounting, but did not question the results of the independent report and said the new managers ” must take preventive action . ”

Following this resignation, Masashi Muromachi take over as Hisao Tanaka . For now the main task will be to work in the Muromachi formation of a new management team to Toshiba.

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