Toshiba gets deeper in trouble

quicksand1Toshiba has widened its investigation into its accounting practices in its TV, computer and chip businesses.

Its probing teams of Ninja accountants have already turned up irregularities that led to profits being overstated by at least $415 million in recent years.

Toshiba last week set up a third-party committee, headed by a former prosecutor, to conduct an independent inquiry in addition to its own internal investigation into accounting problems related to infrastructure and construction work.

Toshiba said previously it was likely to mark down operating profit by $415 million for the three years through March 2014 after it found inappropriate reporting of some infrastructure project costs and construction work.

Shares of Toshiba have slid about 20 percent since it disclosed the latest scandal in early April.

The big problem is that it is the second accounting probe at the company in less than two years and has forced Toshiba to delay reporting its earnings for the fiscal year ended in March.

On Friday, Toshiba said it plans to release earnings as soon as possible after the probe is complete.

It is not clear at this point who will be required by the board to write a haiku on the transience of life before ritually disembowelling themselves in the  staff car park, while someone from the PR department scatters cherry blossom into the wind.