Nuclear loss threatens Toshiba

Nuclear loss threatens Toshiba

Toshiba chairman Shigenori Shiga resigned on Tuesday, hours after the Japanese conglomerate revealed details of a multi-billion dollar loss.

Earlier Toshiba had delayed issuing its results, but it then said it was set to report a net loss of 390bn yen ($3.4bn) in the year to March 2017. The company said it expected to take a 712.5 billion yen ($6.3bn, £5bn) writedown at its US nuclear business.

The situation has led some analysts to warn the company’s future is at risk.
Mr Shiga was stepping down “to take management responsibility for the loss”, the firm said.

The losses are linked to a deal done by its US subsidiary, Westinghouse Electric, when it bought a nuclear construction and services business from Chicago Bridge & Iron in 2015.  PHOTO: Shigenori Shiga  READ MORE: http://www.bbc.co.uk/news/business-38965380#%22

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