South Korea is buzzing at the news that prosecutors have demanded no less than a 12-year prison term for Samsung’s billionaire heir, Jay Y. Lee. Lee is accused of attempting to solidify his total control of the massive company through a sketchy scheme that included bribing the South Korean President, Park Geun-hye.
Last week, Moody’s Investors Service announced that it was cutting Toshiba Corp.’s long-term senior bond rating to Ba2, or “junk” status. Considering recent reports from Toshiba, a major industry player that is stumbling in the wake of a scandalous accounting misstep reported earlier this year, the move from the rating service makes sense. But the headline about a brand that was once one of the most admired companies in Japan, and a worldwide industrial and electronics powerhouse for many years, is stunning nonetheless.
There is even more from Moody’s, who changed other ratings as well… [Read more…] about Toshiba Credit Rating Cut to ‘Junk’ Status by Moody’s
10 New Investigations into Allegations of Improprieties, Including at U.S. Subsidiary
Just when you thought things couldn’t get worse for the aging Japanese industrial giant, Toshiba Corp. again stunned the financial community in Japan – forced to postpone their already delayed financial reports which were expected at the end of August. The company said it was forced to delay the report in the face of ten whistleblowers who have come forward alleging more company misdeeds. The company has launched ten new investigations, including one at a U.S. subsidiary.
See more on this shocking development from the already damaged company… [Read more…] about Toshiba Stuns Markets Again, New Whistleblowers Claim More Wrongdoing
Toshiba Corp. has been subjected to almost daily press stories and analyses in the Japanese media on their continued struggles in the wake of a huge accounting scandal at the formerly blue-chip powerhouse company. The scandal was likely large in terms of financial losses, but even larger in terms of decimating the reputation of the company and its management. To turn the situation around, the company must start to build a new reputation for reliability. It isn’t going to be easy…
New President, new board, secret ballets…strange stuff… [Read more…] about Toshiba Struggles to Get Past Troubles
<May 16, 2012> The news out of Best Buy Stores, Inc. continues to be ugly. Earlier this week, we learned that the board investigation into the unseemly Brian Dunn affair has taken an unexpected turn, resulting in Best Buy founder and board chairman Richard Schulze being forced out of his own company. And yet, some market analysts are celebrating. Why? [Read more…] about Best Buy’s Founder is Forced Out as Ex-CEO Receives $6.6 million Severance