Tech ·Global 500

Japan’s Government Has No Plans to Come Save Toshiba

BYReuters
March 17, 2017, 6:59 AM UTC
JAPAN-TOSHIBA-COMPANY-EARNINGS
Toshiba President Satoshi Tsunakawa answers questions during a press conference at the company's headquarters in Tokyo on March 14, 2017. Toshiba on March 14 won approval again to delay releasing its earnings, averting an embarrassing delisting, while it said it would try to sell a US nuclear division hit by massive losses and allegations of accounting fraud. / AFP PHOTO / KAZUHIRO NOGI (Photo credit should read KAZUHIRO NOGI/AFP/Getty Images)
KAZUHIRO NOGI/AFP/Getty Images

The Japanese government is not considering steps to support embattled conglomerate Toshiba (TOSBF), Chief Cabinet Secretary Yoshihide Suga said on Friday.

Toshiba this week missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in the Westinghouse nuclear unit at the center of its financial troubles.

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Sources have told Reuters that a fund backed by the government may invest as a minority stakeholder in Toshiba‘s memory chip business, which the company is looking to sell to raise cash.

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