Toshiba: the nightmare continues

ToshibaToshiba was supposed to announce its annual financial results today but that was not to be because it has discovered extra accounting errors to compound the “errors” that caused a change of management to the top.

Toshiba delayed its financial results in March after accounting discrepancies forced the management to be replaced by a fresh team of unsullied people were voted on to its board.

According to Reuters, the latest discrepancies relate to problems at a US subsidiary and some errors on charges on fixed assets at several other subsidiaries.

CEO Masashi Muromachi said he couldn’t apologise enough for the trouble caused by the Toshiba errors but would now announce its financial results on September 7.

Muromachi said Toshiba had discovered 10 new instances of accounting mistakes and said that if he couldn’t meet the new deadline he might resign.

But that would likely lead to more turmoil at Toshiba because he was appointed first as interim CEO and then as permanent CEO.