Toshiba to write off $802 million

ToshibaAccounting mishaps that saw several top executives at Toshiba lose their jobs recently will lead the company to write off $802 million, it’s been reported.

According to Nikkei, the write off suggested by independent investors show there’s weakness in Toshiba’s semiconductor, appliances, and its Westinghouse nuclear wing.

The financial results are not finalised but a source told Nikkei that profits for the year up to March 2015 could be halved.

Toshiba bought a stake in Westinghouse in 2006 and wants to sell its stake in the business but it will be hard to find a buyer, in the wake of the Fukushima disaster.

The accounting “irregulaties” were apparently part of the Toshiba corporate culture and were only discovered when an external auditor reviewed its books.