Toshiba facing bankruptcy, total disintegration thanks to bad bets on nuclear power
00:47, Feb 15, 2017
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Shiga is taking "management responsibility" for the company's loss due to the goodwill and impairment cost it would record in relation to Westinghouse's acquisition of CB&I Stone and Webster, Toshiba said.
The company said it will reorganize its nuclear business directly under Tsunakawa for stricter monitoring.
Masayuki Kubota, chief strategist at Rakuten Securities, said that if the company continued to unload its most profitable businesses while keeping problem units, "it is impossible to have hope about Toshiba's future". The company has also put a halt on its nuclear expansion plans in other countries including the UK.
Shares in the firm have nearly halved since the end of December, when Toshiba first flagged huge losses in its atomic unit.
The company will conduct further investigations on the issue during the next month.
NuGen added that it would continue to progress plans to develop Europe's largest new nuclear power station, capable of generating up to 3.8GW of electricity that is equivalent to 7 per cent of the UK's electricity requirements. It had learned that controls at Westinghouse had been "insufficient" and that the company had used "inappropriate pressure" to make the acquisition.
Toshiba warned, however, that unaudited financial results it announced may change "by a wide margin". "The market speculates that Toshiba will be releasing figures worse than what is being reported already".
Toshiba's projected losses were so great that the company's chairman resigned.
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Toshiba, which had been focusing on nuclear power as a growth driver, has struggled to secure orders as demand for nuclear power plants has slowed since the 2011 Fukushima nuclear disaster. It is unclear how this announcement will affect the sale of the minority stake in Toshiba's memory business.
Construction of the new reactors is expected to create thousands of jobs over the next decade, with many contracts expected to go to United Kingdom firms.
According to Tokyo Stock Exchange rules, Toshiba had until noon today to deliver its quarterly financial results.
Toshiba, which employs 190,000 people, twice delayed planned earnings releases in 2015 as it reeled from a $1.3bn accounting scandal. Toshiba's prior guidance for fiscal 2016 was net income of 145.0 billion yen.
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