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Toshiba to unveil business plan on Friday

[TOKYO] Japan's Toshiba Corp announced it will unveil on Friday its business strategy for the next fiscal year, which, analysts say, will include plans to boost its finances after a US$1.3 billion accounting scandal.

The laptops-to-nuclear conglomerate also said it would aim to bolster transparency by hiring a permanent auditor who will oversee its accounts to ensure the company complies with regulations.

To clarify responsibilities for the scandal, it said it had punished 40 more employees, in addition to 26 already punished.

Toshiba "will make a united effort to improve internal control and corporate culture," it said in a statement.

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In the wake of a book-keeping scandal in which Toshiba overstated profits from around 2009, Chief Executive Masashi Muromachi has announced more than 10,000 job cuts and plans to sell its loss-making laptops and home appliances businesses.

Toshiba last week said it granted Canon Inc exclusive negotiating rights to buy its medical equipment unit after a hotly contested auction, with a report putting Canon's offer at more than US$6 billion. The deadline for finalising a deal is Friday.

REUTERS

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