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  • fuckedgaijin ‹ General ‹ F*cked News

Toshiba pulls an Olympus-sized boner

Odd news from Japan and all things Japanese around the world.
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Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Sat May 09, 2015 2:36 pm

Toshiba scraps dividend after finding accounting irregularities

Toshiba withdrew its earnings guidance and scrapped its year-end dividend payout on Friday, saying it had found improper accounting on some of its infrastructure projects.

The announcement came after the company said last month that it was looking into irregularities that had come to light in an internal probe. Since then, shares of Toshiba have fallen 5.7 per cent.

Toshiba, which owns nuclear power company Westinghouse, said it was setting up a committee composed of outside experts without any ties to the company. The investigation involves three of Toshiba’s group companies and its subsidiaries in the areas of power systems, social infrastructure and community solution business, according to company officials.

The company declined to provide further details on which infrastructure projects were being questioned.

The group had previously projected a 136 per cent gain in net profit to Y120bn ($1.0bn) for the fiscal year that ended in March and a 3 per cent gain in sales to Y6.7tn.

The energy and infrastructure segment, which includes railroad systems, industrial equipment and thermal power plants, generated 11 per cent of Toshiba’s operating profit and 28 per cent of its sales in the fiscal year that ended in March 2014.

In a statement, Toshiba said the investigation so far had found that construction costs for certain infrastructure-related projects were underestimated and that losses from the construction work were “not recorded in a timely manner”.

“The company expresses its most sincere apologies to our shareholders, investors, and all other stakeholders . . . and will make its best efforts to restore your trust,” it said.
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Sat May 09, 2015 3:58 pm

LOL, here we go again? At least they seem to be a little more proactive about it...though I wouldn't be surprised if the "outside experts" turning out to be nothing more than a show.
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Re: Toshiba pulls an Olympus-sized boner

Postby Yokohammer » Sat May 09, 2015 4:13 pm

Although the corporate clowns will probably never admit it, Michael Woodford may very well have instigated a minor revolution in corporate accountability here in the Land of What They Don't Know Won't Hurt 'Em. Thanks to him the authorities will be keeping a closer watch on things, and a lot more "mistakes" will be admitted before they become entrenched as SOP.
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Re: Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Fri May 15, 2015 1:30 pm

Corporate Japan Answers to Nobody

It's been a dreadful week for Japanese corporations. Toshiba is facing questions about its accounting practices, Sharp is asking lenders for another bailout and Takata can't escape bad news about its airbags.

Each of these problems is bad enough on its own. Together, they raise serious questions about the state of Japan's corporate governance. And at a time when the Nikkei stock exchange has been rising (it's up 36 percent over the past year), those questions are in urgent need of answers. If Japan's leading companies are managed as poorly as this past week's events suggest, there's little reason to believe the country's stock market surge is sustainable.

Prime Minister Shinzo Abe has certainly tried to improve Japan's corporate governance. Last year, Tokyo introduced a stewardship code encouraging investors to pressure underperforming CEOs, and launched an index of 400 domestic companies that regulators believe use their cash stockpiles well. Next month it will release a national code of conduct for executives: Companies will be asked to include at least two outside directors on their boards or explain why they shouldn't have to. Abe is also asking companies to invite more women into the executive suite. Diversity in the boardroom, the government hopes, will enhance oversight.

In theory, says Nicholas Smith, Tokyo-based strategist at CLSA, "this should trigger a flurry of fevered business and balance sheet restructuring." In practice, corporate Japan has barely budged in response to Abe's reforms -- after decades of running their affairs free of outside interference, their inertia has proven too powerful.

Take Toshiba, which yesterday estimated it will write down $420 million of profit over three years in response to an ongoing internal accounting probe that revealed the company has overstated its profits. Financial markets seemed relieved, but investors should be asking themselves two questions: How could such massive accounting irregularities still happen almost 14 years after Enron's implosion and four years after the $1.7 billion Olympus fraud scandal? And how have Japanese authorities responded to the revelations of Toshiba's malfeasance?

Bloomberg Intelligence analyst Gregory Elders tackled the first question in a May 12 report titled "Toshiba May Awaken Olympus Accounting Concerns in Insider Japan." As Elders points out, Toshiba's board has a number of so-called insider directors who have worked for the company for an average of 38 years. Toshiba's poor accounting, he argues, "highlights how insider boards may struggle to challenge management." Rather than asking companies to bring on more outsiders, as Abe has done, Tokyo should mandate they do so, with penalties to ensure enforcement.

As for how Tokyo has responded to the revelations about Toshiba -- it has barely done anything. There have been no investigations of the company, no public chastisement, no parliamentary hearings. Toshiba has even kept its place on the JPX Nikkei-400 index, which is supposed to list the country's best-run companies.
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Fri May 15, 2015 2:44 pm

So in other words, business as usual, no transparency or accountability, and suggestions instead of actual laws with teeth....propped up by がんばれ日本!

IRS statistics show 94 percent of tax underreporting comes from large companies, with only 6 percent coming from small companies, the study reports.


Do large J-companies ever get audited here? Google talks about all kinds of internal kansayaku auditor requirements and such but that's obviously not the same as the tax office auditing them.
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Re: Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Fri May 15, 2015 3:11 pm

The FSA definitely audits companies.
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Fri May 15, 2015 4:12 pm

Samurai_Jerk wrote:The FSA definitely audits companies.


Is that amakudari of some sort or just plain bribery?

Japan's Financial Service Agency (FSA) cleared both firms of "intentional acts or grave negligence" at Olympus.
But it ordered them to submit plans to improve supervision and undergo six-monthly checks.
In 2011, Olympus admitted it concealed $1.7bn in losses over two decades.
Japan's FSA said both firms "lacked operational management systems to ensure proper auditing" needed to identify "dubious" transactions.
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Re: Toshiba pulls an Olympus-sized boner

Postby legion » Fri May 15, 2015 9:44 pm

chokonen888 wrote:So in other words, business as usual, no transparency or accountability, and suggestions instead of actual laws with teeth....propped up by がんばれ日本!

IRS statistics show 94 percent of tax underreporting comes from large companies, with only 6 percent coming from small companies, the study reports.


Do large J-companies ever get audited here? Google talks about all kinds of internal kansayaku auditor requirements and such but that's obviously not the same as the tax office auditing them.


Yes, you get audited, one of the barriers to going paperless is the tax office, who insist on getting everything on paper, even stuff which has only existed in digital form, like online purchases, has to go through the accounting system as paper.

Trying to go paperless can actually increase the paper you use.

I think the volume of evasion is its defense, the tax office doesn't have the time and resources to peel off the layers of half truth bullshit that pile up over the years.

Everyone massages their numbers, in the long run this is unhealthy, but the guys doing the fiddling don't give a shit, just so long as the numbers are looking good as they approach taishokukin time.
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Re: Toshiba pulls an Olympus-sized boner

Postby inflames » Fri May 15, 2015 11:23 pm

The ironic thing about the Toshiba thing is that these people combined Enron (not recognizing losses) and WorldCom (underreporting costs, almost certainly saying costs were actually investments).

Sharp has been in terrible shape since 2012 - nobody is surprised by that.

Takata's issues could have happened to any number of other companies (GM anyone?).
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Re: Toshiba pulls an Olympus-sized boner

Postby Coligny » Sat May 16, 2015 12:54 am

Thanks for reminding me that I still have to find the airbag fuse on the Mitsubishi...
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Sat May 16, 2015 10:20 am

inflames wrote:Takata's issues could have happened to any number of other companies (GM anyone?).


Not likely, it's soo big because they have sooo much marketshare...the handling of the issue is/was fail all around. Even Honda got bitch slapped with fines for not releasing info.

U.S. regulators said they’re fining Takata Corp. to help speed government efforts to solve the mystery of why millions of air bags in passenger cars may be at risk of exploding.
The company’s failure to cooperate with the National Highway Traffic Safety Administration has made it harder to know why the air bags are failing, Mark Rosekind, the agency’s head, said in an interview Friday.
“We still don’t have the root cause,” Rosekind said. “The safety issue has not been resolved.”
U.S. Transportation Secretary Anthony Foxx said earlier Friday that Takata hasn’t been completely forthcoming in its answers to investigators and will be fined $14,000 for each day it fails to cooperate. The fines could reach a maximum of $70 million based on U.S. law.


Transparency bitches

Takata said it was “surprised and disappointed” by the agency’s actions and statements. The Tokyo based air-bag maker said it has been in regular communication with the agency and has produced the documents requested. Takata’s engineers have been meeting with their counterparts at the agency and regulators have been kept informed about its testing, it said.


Oh?

Foxx characterized the millions of pages of documents that Takata submitted as a “dump” that avoided responding to specific questions.


:keyboardcoffee:
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Re: Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Wed May 20, 2015 6:53 pm

Takata air bag recall doubles to nearly 34 million :shock:
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Re: Toshiba pulls an Olympus-sized boner

Postby Coligny » Wed May 20, 2015 8:38 pm

Not
Found
Fuse
Yet...
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Re: Toshiba pulls an Olympus-sized boner

Postby wuchan » Thu May 21, 2015 12:23 am

Samurai_Jerk wrote:Takata air bag recall doubles to nearly 34 million :shock:


it may be a bit old style but what the hek:

inb4 new japanese laws protecting Japanese corporations.


Better yet; "we here, you there! JAP LAW iz betters dan US lawz"





As long as Takeafuckup corp makes things for #3 politic giver...........





Takata will change their name and business will carry on as usual. Welcome to Japan!.
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Re: Toshiba pulls an Olympus-sized boner

Postby kurogane » Thu May 21, 2015 8:23 am

wuchan wrote:it may be a bit old style but what the hek:

inb4 new japanese laws protecting Japanese corporations..


Also preezu to expre-nu innu English :oops:

Seriously. I am thinking of pulling my moola out of the Jpn stuff. This has a distinct tip of the iceberg whiff to it.
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Thu May 21, 2015 9:19 am

kurogane wrote:Seriously. I am thinking of pulling my moola out of the Jpn stuff. This has a distinct tip of the iceberg whiff to it.


Really depends on what it is...but much of the automotive market is being lost to Korea, China, etc. Issues like the airbag scandal don't exactly inspire confidence either. From the initial design/development to the poor handling of the issue, it smells like the "senior managers know best" mentality that prevents lower level employees from speaking up when they see something that doesn't seem quite right.
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Re: Toshiba pulls an Olympus-sized boner

Postby kurogane » Thu May 21, 2015 10:34 am

Aaaaaha. Gotcha. I was worried it was more like an Enron style poison that could bring down the house of cards.

As long as it is just Busyness as Usual............
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Re: Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Thu May 21, 2015 11:10 am

kurogane wrote:Aaaaaha. Gotcha. I was worried it was more like an Enron style poison that could bring down the house of cards.

As long as it is just Busyness as Usual............


Are you sure you want to manager your investments based on Choko's reading of the situation? :lol:
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Re: Toshiba pulls an Olympus-sized boner

Postby kurogane » Thu May 21, 2015 11:14 am

Ummmmmmmmmmm.................................... :cry2:

At least I don't have to sell in a panic. Or I do but don't want to hear it :rolleyes:

My stuff is in other areas and industries anyways. Just had a mild freak out there is all :-D
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Re: Toshiba pulls an Olympus-sized boner

Postby wagyl » Thu May 21, 2015 11:25 am

chokonen888 wrote:
kurogane wrote:Seriously. I am thinking of pulling my moola out of the Jpn stuff. This has a distinct tip of the iceberg whiff to it.


Really depends on what it is...but much of the automotive market is being lost to Korea, China, etc. Issues like the airbag scandal don't exactly inspire confidence either. From the initial design/development to the poor handling of the issue, it smells like the "senior managers know best" mentality that prevents lower level employees from speaking up when they see something that doesn't seem quite right.

I know (well, hope) you are not suggesting that people choose to do a slow gamble invest in the Korean or Chinese automotive industry in preference to the Japanese one. I can't see where those two countries have a better record in non-Confucian management style than Japan.

Speaking generally (and I have kept my mouth shut in Wage Slave's investment thread) I have never really understood investment in Japanese industry. The dividends are not great, so all you can rely on is capital gains, in my opinion. And, since the dividends are not great, you are relying on someone being around at the right time when you choose to sell, who thinks that capital gains will be great into the future. It all sounds like the bubble you have, when you aren't having a bubble. And there have been plenty of opportunities I have passed up in the past because of those attitudes, which might well have been to my advantage after all, so don't listen to me.
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Re: Toshiba pulls an Olympus-sized boner

Postby Wage Slave » Thu May 21, 2015 11:46 am

wagyl wrote:Speaking generally (and I have kept my mouth shut in Wage Slave's investment thread)


Why? Your comments are very welcome.

And I agree with you about dividends. If I am going to speculate on a zero/tiny dividend share on the lookout for capital growth then I far prefer to speculate on a tiddler of a company that has a good story. Then the capital growth, if it happens, comes from a rapid and real increase in business done. If you are just trying to play the market then you will always be behind the curve compared to the people who are closer to the action. They have information in (ahem) a timely fashion and they can act on it immediately. An amateur/little guy is always going to be left holding the baby or missing the boat unless very lucky.
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Re: Toshiba pulls an Olympus-sized boner

Postby wagyl » Thu May 21, 2015 12:53 pm

Wage Slave wrote:
wagyl wrote:Speaking generally (and I have kept my mouth shut in Wage Slave's investment thread)


Why? Your comments are very welcome.

Reason number one: my insight has no greater value than any other you might come across.

Reason number two: by the time investment advice becomes published, it is already too late (or diluted as a result of publication).

Which links to reason number two and a half: I'm keeping that information to myself.
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Thu May 21, 2015 3:04 pm

wagyl wrote:
chokonen888 wrote:
kurogane wrote:Seriously. I am thinking of pulling my moola out of the Jpn stuff. This has a distinct tip of the iceberg whiff to it.


Really depends on what it is...but much of the automotive market is being lost to Korea, China, etc. Issues like the airbag scandal don't exactly inspire confidence either. From the initial design/development to the poor handling of the issue, it smells like the "senior managers know best" mentality that prevents lower level employees from speaking up when they see something that doesn't seem quite right.

I know (well, hope) you are not suggesting that people choose to do a slow gamble invest in the Korean or Chinese automotive industry in preference to the Japanese one. I can't see where those two countries have a better record in non-Confucian management style than Japan.


No no no, quite the opposite....that not all the Japanese industries are in such shit shape as the automotive industry. (that being said, I wouldn't ever invest in anything here besides maybe Disney...it's a helluvadrug and still legal)
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Re: Toshiba pulls an Olympus-sized boner

Postby Samurai_Jerk » Wed May 27, 2015 3:13 pm

Is this guy trolling Japan with his name?

Herro Gives Japan Governance 2 Out of 10 Despite Abe Efforts

David Herro, a $35 billion money manager who learned about Japanese corporate governance the hard way, says for all Shinzo Abe’s efforts, the nation remains 30 years behind in how its companies are run.

Boards are too big and lack diversity, while balance sheets have too much cash, said the chief investment officer of Harris Associates. Herro, whose firm was one of the largest shareholders in Olympus Corp. during its $1.7 billion accounting fraud, says corporate Japan is held back by a reluctance to welcome outsiders and he’s not sure companies buy the government’s push for change.

“Japan has gone from zero to two,” Herro, named Morningstar Inc.’s international stock fund manager of the decade in 2010, said by phone from Chicago on May 20, referring to the overhaul of rules for companies in the past two years. “It’s improving. But we need to get to eight, nine or 10.”
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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Wed May 27, 2015 3:17 pm

30 years behind in how its companies are run.


More or less, given specifics...
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Re: Toshiba pulls an Olympus-sized boner

Postby kurogane » Wed May 27, 2015 4:42 pm

Samurai_Jerk wrote:Is this guy trolling Japan with his name?


:keyboardcoffee: :keyboardcoffee: :keyboardcoffee:

:clap: :bow:
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Re: Toshiba pulls an Olympus-sized boner

Postby Isle of View » Thu May 28, 2015 12:01 pm

kurogane wrote:
Samurai_Jerk wrote:Is this guy trolling Japan with his name?


:keyboardcoffee: :keyboardcoffee: :keyboardcoffee:

:clap: :bow:


Seconded.
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Re: Toshiba pulls an Olympus-sized boner

Postby Russell » Thu Jun 04, 2015 6:10 pm

It gets better and better...

Older Takata air bag inflators installed during recall may need to be replaced

[...]

Takata is the only major air bag manufacturer using ammonium nitrate as an air bag propellant. Kennedy said Takata plans to continue using ammonium nitrate, including a newer version of the compound that does not react as violently to moisture.

However, the company is still supplying some automakers with an older inflator and propellant that uses an earlier version of the compound. The older-style inflators also have been installed as replacement parts in an unspecified number of vehicles over the past year and may have to be replaced by newer designs, Kennedy said.

Representative Michael Burgess, the Texas Republican who chaired Tuesday’s House subcommittee hearing, said he “couldn’t believe what they were telling me.”

“They are still making an air bag with ammonium nitrate as a propellant without a desiccant and they’re putting that in replacement vehicles and new vehicles,” Burgess said. “It almost seems like there should be a warning label stamped on the car.”

Kennedy said Takata has been buying replacement inflators from competitors TRW Automotive Inc. and Autoliv Inc., both of which use guanidine nitrate.

Last month, half of the replacement inflators that Takata shipped to automakers came from TRW and Autoliv, Kennedy said, adding that the figure will rise to 70 percent by the end of the year.

Kennedy said Takata has shipped 4 million replacement inflators to automakers.

Earlier on Tuesday, the top U.S. auto safety regulator said that some of those replacement parts may not offer consumers a remedy that lasts the life of the car.

Many cars equipped with older Takata air bag systems could have to be fixed more than once, said Mark Rosekind, head of the National Highway Traffic Safety Administration.

He told a House subcommittee on Tuesday that his agency is still sifting through more than 2.4 million pages of documents from Takata, and has not determined why some of Takata’s air bag inflators explode.

As a result, Rosekind said, parts being produced to fix more than 30 million vehicles included in a recall NHTSA ordered last month may themselves have to be replaced.

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Re: Toshiba pulls an Olympus-sized boner

Postby matsuki » Thu Jun 04, 2015 6:45 pm

Delay delay delay...Takata may be out of business (or operating as a "new" entity before this is resolved) though I think they're probably fucked either way. J-car manufacturers aren't going to risk using them after this.
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Re: Toshiba pulls an Olympus-sized boner

Postby kurogane » Thu Jun 04, 2015 7:12 pm

Russell wrote:It gets better and better...

Older Takata air bag inflators installed during recall may need to be replaced

[...]
Representative Michael Burgess, the Texas Republican who chaired Tuesday’s House subcommittee hearing, said he “couldn’t believe what they were telling me.”


Hmph. Texans, eh!? The first time I read it I thought I read that Takata had issued a recall for air bags found to be defective and is now replacing them with air bags that are the same as the air bags that were the subject of a recall because they were found to be defective. So, I read the article in its entirety. Then my head exploded and now I feel just fine.

:wall: :shock:

I call dibs on a forthcoming Lost in Translation excuse.
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