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Get your popcorn ready. 🍿 The next Toshiba scandal is brewing. The Old Guard tried to have it their way.
It started last Thursday when the report of an independent investigation was released:
www.reuters.com
I hope PM Suga enjoys his tête-à-têtes at the G7 summit. The local media will likely jog his mind next week.
Then, on Friday, four foreign Toshiba directors demanded the resignations: both board and management changes were needed, they said, calling some parts of the report "deeply disturbing".
www.japantimes.co.jp
And today, Toshiba's second-biggest shareholder also demanded the board chairman and three other directors resign immediately.
www.channelnewsasia.com
And Toshiba? Declined to comment. They must have had a busy weekend.
It started last Thursday when the report of an independent investigation was released:
Toshiba Corp and Japan's government colluded to lean on foreign investors to back company management in a key vote, according to an investigation which alleged one executive said they would ask the trade ministry to "beat up" a hedge fund. The shareholder-commissioned report released on Thursday also said that Yoshihide Suga - then chief cabinet secretary and now prime minister - verbally encouraged the pressure on investors during a meeting with a senior Toshiba executive last year, an allegation Suga has denied.

'Beat them up': Toshiba and Japan colluded against foreign investors, probe finds
Toshiba Corp (6502.T) and Japan's government colluded to lean on foreign investors to back company management in a key vote, according to an investigation which alleged one executive said they would ask the trade ministry to "beat up" a hedge fund.

I hope PM Suga enjoys his tête-à-têtes at the G7 summit. The local media will likely jog his mind next week.
Then, on Friday, four foreign Toshiba directors demanded the resignations: both board and management changes were needed, they said, calling some parts of the report "deeply disturbing".
Four Toshiba Corp directors called on Friday for a shake-up of its management and board, in a sign of revolt after an investigation found the conglomerate colluded with the Japanese government to "beat up" foreign shareholders. The very public push-back by the independent directors, all non-Japanese, is the latest twist in a scandal that shows how the old guard of Japan Inc, while still powerful, can no longer exert full control over shareholders. It comes a day after an explosive, shareholder-commissioned investigation revealed - in startling detail rare for such probes in corporate Japan - how management reached out to the powerful Ministry of Economy, Trade and Industry (METI) to strong-arm activist investors.

In revolt, four directors call for Toshiba shake-up after explosive probe
The public pushback by the independent directors, all non-Japanese, shows how the old guard of Japan Inc. can no longer exert full control over shareholders.
And today, Toshiba's second-biggest shareholder also demanded the board chairman and three other directors resign immediately.

Toshiba second biggest shareholder calls for immediate resignation of board chair, 3 directors
TOKYO: Toshiba Corp's second-biggest shareholder on Sunday (Jun 13) 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.The letter, sent to the four on Sunday...
And Toshiba? Declined to comment. They must have had a busy weekend.