TOKYO—Toshiba Corp’s proposal to split itself into three companies won’t solve its governance issues and the conglomerate should prioritize an overhaul of its board and management, said a senior executive at one of Japan’s largest pension funds. Ken Hokugo, corporate governance director at the Pension Fund Association (PFA), said the interests of Toshiba management and…
Toshiba Should Overhaul Board and Management, Major Japan Pension Fund Says
Toshiba Plans to Split Into Three After Wave of Scandals
TOKYO—Toshiba Corp outlined plans on Friday to split into three companies in an attempt to appease activist shareholders calling for a radical overhaul of the Japanese conglomerate after years of scandals. A rare move in a country dominated by conglomerates, Toshiba’s breakup comes the same week U.S. industrial powerhouse General Electric called time on its…
Chinese National Charged With Selling $9.5 Million in Counterfeit Laptop Batteries
A federal judge has indicted a Chinese national in Los Angeles for allegedly participating in a scheme to manufacture and sell $9.5 million worth of Chinese counterfeit laptop computer batteries and other electronics, the Department of Justice announced on Oct. 4. United States District Judge John F. Walter sentenced 30-year-old Cai Zhoulin, also known as Allen…
Toshiba Closes Factory in Dalian, Denying Full Withdrawal From China
Japanese electronics giant Toshiba is closing its factory in Dalian City after entering the Chinese market 30 years ago. There are also online rumors that Toshiba will completely withdraw from China by closing 33 factories and R&D facilities in 24 Chinese cities by the end of this year. Takagi, head of Toshiba’s media division in…
Toshiba Says Detailed Talks on Buyouts Meaningful Only After Option Review
TOKYO—Toshiba Corp said on Wednesday detailed talks on potential take-private deals would make sense only after all strategic options are carefully reviewed, spurning calls from some shareholders to start soliciting buyout bids. The statement comes as the Japanese industrial conglomerate has been in talks with financial and strategic investors, including KKR & Co Inc and…
Toshiba Unit Hacked by DarkSide, Conglomerate to Undergo Strategic Review
TOKYO/PARIS—A Toshiba Corp unit said it was hacked by the DarkSide ransomware group, overshadowing an announcement of a strategic review for the Japanese conglomerate under pressure from activist shareholders to seek out suitors. Toshiba Tec Corp, which makes products such as bar code printers and is valued at $2.3 billion, was hacked by DarkSide—the group…
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