Itochu Corporation – Glaucus Research

In 2015, Toshiba Corp. (TYO: 6502) admitted to deliberately manipulating its accounting policies in order to overstate its profits by USD 1.2 billion (¥152 billion) from FY 2008 to 2014. Toshiba’s stock declined 70%, Japanese securities regulators imposed a record fine, and Toshiba’s CEO and 8 of its 16 board members resigned in disgrace. The Tokyo Stock Exchange even placed Toshiba’s stock “on alert,” raising the possibility that the Company’s stock could be delisted if it failed to correct deficiencies in its corporate governance.