Toshiba bosses fall on their swords

ToshibaThe president of Toshiba and the company’s vice chairman have resigned following “inappropriate accounting”.

Hisao Tanaka and Norio Sasaki have resigned and that follows the resignation of six other senior staff at the company.

An independent report had concluded that senior management at Toshiba inflated profits over a series of years, and Tanaka said that the company will now go through a thorough period of reform.

Toshiba will be forced to release statements about its profits between April 2008 and March 2014.

The executives who have resigned could now face extradition from Japan to the USA if the US Securities and Exchange Commission (SEC) decides they should face criminal charges.

Toshiba released details of “irregularities” in their accounts in April this year after regulators found everything didn’t add up as it should have done.