Toshiba recently released its third-quarter earnings, one month after failing to meet the submission date for a second time. The company gained a one month extension following an expanding probe into its U.S. nuclear unit, Westinghouse in China. The delay in releasing the earnings caused shares in the Japanese conglomerate to fall by eight per cent in Tokyo and added to the fears that their financial problems could be becoming an existential crisis.
Shigenori Shiga, Toshiba’s chairman is said to be resigning to take responsibility of the troubled nuclear subsidiary, with the decision over the sale of the plant also being bought forward. The company was given an extension to submit their earnings to the Tokyo Stock Exchange on the 11th April which was met successfully.