Toshiba Corp. uncovered 10 new cases of accounting problems, including at a U.S. unit, prompting it to miss a regulator’s deadline for submission of its fiscal 2014 earnings release.
The Japanese industrial group obtained permission from the securities regulator to postpone the report due Monday until Sept. 7. President Masashi Muromachi, who took charge after three of his predecessors left following a July third-party report showing accounting irregularities at the company, said he may quit if the new deadline was missed.
The second delay of earnings, initially due in May, comes after internal and external probes of the Japanese industrial group’s accounting led to the resignations and caused at least $1.2 billion in writedowns. Toshiba said Monday it discovered irregularities in percent-of-completion accounting related to a U.S. hydro-power unit’s construction project.
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