TOKYO (Jiji Press) — Toshiba Corp. appears likely to face difficulties meeting the legal deadline at the end of this month for submitting a securities report for fiscal 2016, which ended in March, to the Kanto Local Finance Bureau.
The struggling electronics and machinery maker is still unable to finalize its fiscal 2016 business results, due to a disagreement with its auditor, PricewaterhouseCoopers Aarata LLC, or PwC Aarata, over huge losses at Toshiba’s U.S. nuclear business unit Westinghouse Electric Co., informed sources said.
It would be the fifth time for Toshiba to fail to submit a securities report by a deadline since the company was rocked by an accounting scandal in fiscal 2014.
Toshiba is seen likely to apply for an extension of the looming deadline by one to two months, while PwC Aarata has not specified when its auditing of Toshiba’s fiscal 2016 performance will be completed. read the rest here