Toshiba in Trouble

Yesterday, Toshiba took the unprecedented step of announcing its Q3 results without the approval of its auditor, PricewaterhouseCoopers Aarata. The report does not make pleasant reading for shareholders, with a net loss of 4.6 billion U.S. dollars on the board as of Q3. Worse still, the company forecasts the fiscal year to end with total losses of 9 billion dollars; warning that it may not be able to find a way through the crisis.

The bankruptcy of Toshiba's nuclear engineering subsidiary Westinghouse last month has led to an operating loss of 760 billion Yen ($6.9 billion) in the segment 'Energy Systems & Solutions. Compounding the crisis, Japanese regulators now have to decide whether to accept the unaudited earnings report. If they choose not to, Toshiba could be delisted from the Tokyo Stock Exchange.