Saturday, June 15, 2024

Fall From Grace of Giant—TOSHIBA

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Tech giant manufacturer Toshiba has for several years ruled the market with profits and products making their way to customer’s homes and workstations. The company troubles however started in 2015 when issues of accounting malpractices with many linking the top management. Reports said that the tech manufacturer had for seven years overstated its profit by $1.59bn (£1.25bn). The same accounting irregularities were discovered in 2020. However accounting mismanagement was not the only problem Toshiba was facing,corporate governance was an issue so as how  shareholder decisions were made.

In 2016 it took charge of building a nuclear plant but three months later it was hauled and it filed for bankruptcy. to salvage its nuclear business Toshiba was forced to sell off a number of businesses which included; its chip unit Toshiba Memory ,mobile phones, medical systems and white goods.

In 2017 the company received injection from overseas investors but that also came with problems as the investors had more say in the company day to day running.in 2022 the company received 8 buyouts. however all hope is not lost as the company has been taken over by state-backed Japan Investment Corp (JIC) for an investment of $14bn. with the JIC in control all speculations are for Toshiba to bounce back to glory.

Maryvine Moraa
Maryvine Moraa
MBA, Business Administration & Accounting. A Passionate IT Enthusiast.

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