What Toshiba's travails say about Japanese commercialism thumbnail

“I BELIEVE THIS will be theatrical, and we are worried that it will be astonishing,” a senior official at Japan’s Ministry of Economy, Trade and Industry (METI) alerted an activist fund last year. The financiers were pushing to put more outside directors on the board of Toshiba, a titan of Japanese market. In the occasion, it was Toshiba’s management that caused a sensation.
When a world-famous brand name that made Japan’s very first incandescent light bulbs and invented flash-memory data storage, Toshiba is now infamous mostly for scandals. Following a big accounting fraud and a ruinous financial investment in an American nuclear-energy company, it practically declared bankruptcy in2017 It needed to offer the valued memory-chip company and release brand-new shares, putting most of the firm in the hands of foreign investors. Effissimo Capital Management, a secretive fund based in Singapore and run by two long-time Japanese activist investors, …
Read More

By Admin