(Original title: Chairman of the Toshiba Board is about to leave: responsible for the write-down of Westinghouse's electronic assets)
According to the “Nihon Keizai Shimbun†report, Toshiba’s chairman of the board of directors, He Chun Dian, is about to leave his post and is responsible for the major write-downs of Toshiba’s US nuclear power plant builder Westinghouse Electric. On January 26, Japan’s “Daily News†reported that due to cost overruns, Toshiba’s US nuclear business assets will be written down 680 billion yen (equivalent to US$6 billion). It was previously reported that Toshiba had the highest possible reduction of 700 billion yen. According to the "Nihon Keizai Shimbun", Westinghouse Electric had listed 930 million U.S. dollars and 390 million U.S. dollars in expenditures in fiscal 2012 and fiscal 2013 respectively.
However, this expenditure was not disclosed in accordance with the Tokyo Stock Exchange. He Zhongdian served as chairman of the board of directors of Westinghouse Electric during this period.
Toshiba did not comment on the matter.
In addition, Westinghouse Electric had purchased "Chicago Steel Bridges," another nuclear power plant builder in the United States in 2015, but during the transaction there was an increase in acquisition costs, which also required large-scale write-downs. According to estimates of Bank of America analysts, the deal will bring Toshiba and Westinghouse electric losses of $4.7 billion.
In order to solve the assets write-down crisis, Toshiba’s board of directors decided on January 27 to split the chip business. Toshiba’s chip business will be split into independent companies, and Toshiba will transfer some of its equity in addition to seeking external funds.
On February 14 this year, Toshiba will make a detailed disclosure of the write-down. "Nihon Keizai Shimbun" said that He Chundian's resignation will also be announced on the same day.
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