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Search resuls for: "Toshiba's"


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Toshiba's biggest shareholder calls board "ineffective" - FT
  + stars: | 2021-06-17 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The logo of Toshiba Corp is seen near a traffic light in Tokyo, Japan June 11, 2021. REUTERS/Issei Kato/File Photo(Reuters) - Toshiba Corp's biggest shareholder, Effissimo Capital Management, labeled the company's board as "ineffective", the Financial Times reported on Thursday. (on.ft.com/3iKrBoY)
Persons: Issei Kato Organizations: Toshiba Corp, REUTERS, Toshiba, Effissimo Capital Management, Financial Times Locations: Tokyo, Japan
REUTERS/Issei KatoJapan's trade minister said on Tuesday he was not planning to order up a probe into allegations made by an independent investigation that his ministry helped Toshiba Corp (6502.T) lean on foreign shareholders. A shareholder-commissioned independent investigation last week alleged Toshiba management colluded with Japan's trade ministry to block foreign investors from gaining board influence, in what one Toshiba shareholder has called the world's worst corporate scandal in a decade. Kajiyama said, however, that he saw the report as an internal Toshiba investigation and did not think the report was all true. The investigators' report said Toshiba, working in unison with the trade ministry, "effectively asked" a government adviser, described as "Mr. M", to negotiate with the Harvard fund to change its voting behaviour. In the wake of the report, Toshiba has said two board members will not be standing for re-election although Board Chairman Osamu Nagayama on Monday resisted calls to step down.
Persons: Issei Kato Japan's, Hiroshi Kajiyama, Kajiyama, Hiromichi Mizuno, Mizuno, Osamu Nagayama Organizations: Toshiba Corp, REUTERS, Ministry, Economy, Trade, Industry, Toshiba, Reuters, Harvard, Toshiba's, Effissimo Capital Management, Thomson Locations: Tokyo, Japan, Singapore
REUTERS/Issei KatoJapan’s trade minister said on Tuesday he was not planning to order up a probe into allegations made by an independent investigation that his ministry helped Toshiba Corp (6502.T) lean on foreign shareholders. A shareholder-commissioned independent investigation last week alleged Toshiba management colluded with Japan's trade ministry to block foreign investors from gaining board influence, in what one Toshiba shareholder has called the world's worst corporate scandal in a decade. Kajiyama said, however, that he saw the report as an internal Toshiba investigation and did not think the report was all true. The investigators' report said Toshiba, working in unison with the trade ministry, "effectively asked" a government adviser, described as "Mr. M", to negotiate with the Harvard fund to change its voting behaviour. In the wake of the report, Toshiba has said two board members will not be standing for re-election although Board Chairman Osamu Nagayama on Monday resisted calls to step down.
Persons: Issei Kato Japan’s, Hiroshi Kajiyama, Kajiyama, Hiromichi Mizuno, Mizuno, Osamu Nagayama Organizations: Toshiba Corp, REUTERS, Ministry, Economy, Trade, Industry, Toshiba, Reuters, Harvard, Toshiba's, Effissimo Capital Management, Thomson Locations: Tokyo, Japan, Singapore
TOKYO (Reuters) -Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors immediately resign after an investigation found the company had colluded with the Japanese government to pressure foreign investors. FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru HanaiThe letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday’s report. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Thursday’s, Osamu Nagayama, Organizations: Toshiba, REUTERS, Reuters, Investment Partners, Harvard Locations: TOKYO, Chiba, Japan
TOKYO, June 13 (Reuters) - Toshiba Corp’s second-biggest shareholder on Sunday demanded the board chairman and three other directors resign immediately after an investigation found the company had colluded with the Japanese government to pressure foreign investors. It is likely to the deepen a crisis sparked by last week’s report, which marked an explosive turn in a long battle between the Japanese company’s management and foreign shareholders. These include activist investors and Harvard University’s endowment fund. The revelations in the shareholder-commissioned report “are deeply troubling and represent one of the most prominent and shocking corporate governance failures among large public companies anywhere in the world in the last decade,” the 3D letter says. The letter, addressed to board chair Osamu Nagayama and three current audit committee members, describes Nagayama as “ultimately responsible for Toshiba’s recent governance failures, including the flawed internal investigation and the board’s determination to oppose an outside, independent investigation.” (Reporting by Makiko Yamazaki; Editing by William Mallard)
Persons: , Osamu Nagayama, Makiko Yamazaki, William Mallard Organizations: Toshiba, Reuters, Investment Partners, Harvard Locations: TOKYO
The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. The letter, seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba. It is likely to heighten scrutiny into governance at Toshiba, a renowned industrial conglomerate in crisis sparked by Thursday's report. The company was holding an emergency meeting on Sunday to discuss reassigning the candidates for three key board committees ahead of a June 25 shareholder meeting. Major shareholder advisory firms recommended against some of the candidates, including the four addressed in the 3D letter.
Persons: Toru Hanai, Toru Hanai Toshiba Corp's, Thursday's, Osamu Nagayama Organizations: Toshiba, REUTERS, Toru Hanai Toshiba, Reuters, Investment Partners, Harvard, Thomson Locations: Chiba, Japan
REUTERS/Toru Hanai/File PhotoJapan's trade ministry colluded with Toshiba Corp's (6502.T) management to unduly influence a key shareholder vote last year, an independent probe found, undermining Tokyo's efforts to improve corporate governance and win over foreign investors. Toshiba's management "worked closely" with the ministry to exert "undue influence on some shareholders," the report found. The probe, conducted by three lawyers, found that Toshiba, with the ministry, tried to force Effissimo to withdraw shareholder proposals for board nominees aimed at improving governance. The ministry has previously said that it never asked the adviser to contact Toshiba shareholders. CVC's offer to take the Japanese conglomerate private and retain incumbent management was perceived by some in the company as designed to shield Kurumatani from activist shareholders, Toshiba sources have said.
Persons: Toru Hanai, Toshiba Corp's, Shinzo Abe, METI, barbecuing, Toshiba's, Yoshihide Suga, Abe, Suga, Effissimo, Nobuaki Kurumatani Organizations: Toshiba Corp, REUTERS, Toshiba, Harvard, Ministry, Economy, Trade, Industry, Reuters, Effissimo Capital Management, Investment Partners, CVC Capital, Thomson Locations: Tokyo, Japan, Singapore
Toshiba's European business hit by cyberattack -source
  + stars: | 2021-05-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei KatoTOKYO (Reuters) -Toshiba Corp’s European business has been hit by a cyberattack, a source familiar with the situation said on Friday, with public broadcaster NHK identifying the perpetrators as DarkSide, the group the U.S. FBI blamed for the Colonial Pipeline attack. The Japanese firm said it was investigating a possible hacking. The stock was down 0.2% in afternoon trade. The company is releasing its earnings and will give a strategy briefing shortly.
Persons: Issei Kato TOKYO Organizations: Toshiba Corp, REUTERS, Toshiba, NHK, U.S . FBI, Colonial Locations: Kawasaki, Japan
Toshiba's No.2 shareholder asks company to openly seek suitors
  + stars: | 2021-04-26 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Toshiba Corp. is seen at the company's facility in Kawasaki, Japan February 13, 2017. REUTERS/Issei Kato/File PhotoToshiba Corp's (6502.T) second-biggest shareholder called on the Japanese conglomerate to conduct a strategic review and explicitly solicit suitors, criticising the company's comments on wanting to remain listed as deterring potential acquirers. Toshiba dismissed last week a $20 billion buyout offer from CVC Capital Partners as lacking detail. Bain Capital, KKR & Co Inc (KKR.N) and Canada's Brookfield Asset Management (BAMa.TO) are also looking at potential bids for Toshiba, Reuters has reported. In the letter, Singapore-based 3D said it estimated Toshiba's fair stock value in excess of 6,500 yen.
Persons: Issei Kato Organizations: Toshiba Corp, REUTERS, Toshiba, Investment Partners, CVC Capital Partners, Bain Capital, KKR, Co Inc, Brookfield Asset Management, Reuters, Thomson Locations: Kawasaki, Japan, Brookfield, Singapore
Toshiba board members planned to replace Nobuaki Kurumatani before the buyout bid, sources said. The board chairman Osamu Nagayama went to a meeting "to fire" him, one of the sources told Reuters. Toshiba board members planned to oust CEO Nobuaki Kurumatani before CVC Capital Partners launched a $20 billion buyout bid last week, sources told Reuters. The board told Kurumatani the day before the offer was announced that they would replace him, sources who didn't want to be identified because of the sensitivity of the issue told Reuters. Although the board hadn't formally started the process of replacing Kurumatani, the plan was already in motion, Reuters reported.
Persons: Nobuaki, Kurumatani, Satoshi Tsunakawa, Osamu Nagayama, hadn't, Nagayama Organizations: Toshiba, Reuters, Capital Partners, CVC, CVC Japan Locations: Kurumatani, Toshiba's, Tokyo
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