Toshiba is a Japanese multinational conglomerate corporation with diversified products and services including consumer electronics and household appliances, among others. (Photo : YouTube/ INvention)
Toshiba, for the second time, is delaying the release of its annual earning. The Japanese multinational conglomerate stated that it recently discovered 10 new cases of accounting errors.
Toshiba is trying to repair its international reputation in the wake of the accounting scandal that cost the company around $1.2 billion.
Toshiba chief executive officer Masashi Muromachi issued a public apology saying, "We deeply apologize for the situation we are in yet again, and for the inconvenience and concern we have cause to our stakeholders including shareholders and investors."
Muromachi was appointed to the company's highest position after three of his predecessors left in the midst of the scandal. He added that he will step down in case the new deadline will be missed.
According to Reuters, securities regulator gave the Japanese company the permission to postpone its financial report until Sept. 7. Toshiba was initially scheduled to release its annual earnings report in May. However, several external and internal discovered irregularities in the company's books.
Prior to the issuance of the extension, Toshiba said that the company is expecting net losses in 2014 but did not provide a specific number as to how much it would be. In order to regain the trust of its investors, the company made a major overhaul on its board and created a special committee in order to prevent further irregularities from taking place, according to Bloomberg.
A third party report released on July 21 showed the practices of Toshiba's high ranking official that led to the overstatement of profits. The report named the company's former presidents Hisao Tanaka, Atsutoshi Nishida and Norio Sasaki as the lead perpetrators. On the other hand, current president Muromachi was linked to the scandal.
