Toshiba chairman resigns as company shares dive after delaying financial results

Toshiba is facing a crisis after the company announced its plans to stop building nuclear power plants and writing off about $6.3 billion relating to that business.

Embattled Toshiba Corp.is expected to report about ¥500 billion ($4.4 billion) in group net loss for the April to December period as it is expecting a write-down of at least some ¥600 billion at its troubled USA nuclear business, sources said Monday.

While confirming the unaudited $6.3 billion loss, Toshiba also advised that its chairman, Shigenori Shiga, will step down from the board tomorrow, but stay on as an executive.

Toshiba may now quit the nuclear business completely, selling Westinghouse Electric in the US, the source of the losses, and pulling out of the newbuild Moorhouse reactor project in Cumbria, Great Britain.

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Toshiba warned it was on track to report a net loss of 390 billion yen ($3.4 billion) in the current fiscal year to March, as it faced a huge writedown topping 700 billion yen at Westinghouse.

Auditors questioned the company's reporting on the acquisition of CB&I Stone & Webster. In 2015, Toshiba declared its nuclear business was more profitable now than when the company acquired it, but scandals over the Japanese firm's accounting broke soon thereafter.

NuGen, which is owned by Toshiba and French energy firm Engie, said it acknowledged the Japanese firm's review into the future of its nuclear power business outside Japan was complete, adding: "It remains committed to developing NuGen's Moorside project".

Shiga, the company's outgoing chairman, was in charge of the nuclear-power sector, including the United States subsidiary Westinghouse.

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Toshiba's announcement to delay earnings came as its Westinghouse subsidiary is engaged in a legal and accounting row with CB&I, which alleged in court that it expected a relatively small payment from Westinghouse of only $161 million when the transaction closed believing that the latter was taking on a challenged business.

United Kingdom trade association Nuclear Industry Association (NIA) welcomed Toshiba's renewed commitment to the Moorside project, in West Cumbria. "We can assume that the company is not delaying its earnings release for good news".

Westinghouse, Toshiba's US-based nuclear developer, produces the AP1000 reactors that are to be used at a planned £10bn power station at Moorside in Cumbria.

Japan's nuclear sector was thrown into crisis after multiple meltdowns of reactors at a power plant in Fukushima prefecture triggered by the March 2011 quake and tsunami. Fallout from the scandal contributed to a group net loss past year of ‎479.4bn yen.

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