Toshiba secures auditor sign-off, likely avoiding immediate delisting


Toshiba Corp. has received a signoff from auditors on its earnings, although it came with some conditions, meaning the embattled Japanese electronics and nuclear company will likely avert delisting. But the auditors, PriceWaterhouseCoopers Aarata, cautioned about remaining risks in a separate statement.

A major sticking point has been an inquiry from PwC over whether Toshiba should have recognized multi-billion dollar losses at USA nuclear arm Westinghouse earlier than last December, sources familiar with the matter have said.

Reactors that Westinghouse was building there were behind schedule, partly because of beefed-up safety regulations following the 2011 Fukushima nuclear disaster.

Thursday was the deadline for the auditors' approval.

The move by one of Japan's best-known firms greatly reduces the chance of an embarrassing delisting from the Tokyo Stock Exchange (TSE).

He reiterated that the company was working hard to revive itself and regain value for shareholders.

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Toshiba was still in talks with various partners on the memorychip sales, Tsunakawa said, but declined to comment in detail on why the agreement was being delayed.

There had been growing worries that Toshiba might not make Thursday's deadline to supply financial statements for the year ending March as it had been at odds with auditors over multi-billion-dollar losses at Westinghouse.

It had earlier warned such losses might balloon to almost ¥1 trillion, and had given similar figures for the earnings.

The Japanese conglomerate reported its earnings results for the April-June period for fiscal 2017, posting a group operating profit of 96.69 billion yen, a record for the quarter and up by almost six-fold from a year earlier.

Now, according to Reuters, Toshiba's listed status depends on completing the planned sale of its chip business by March.