![]() If the losses were booked as per PwC's opinion, Toshiba would have recorded negative net worth - liabilities exceeding assets - for two consecutive years. PwC said some Westinghouse-related losses booked in the business year through March 2017 should have been recorded in the previous year. Raft of new gadgets shows Sony back on track Toshiba chariman to resign amid forecast of Dh23bn writedown That would have reduced its ability to raise money for its cash-hungry memory chip business, risking its competitiveness. Last month, the Asahi newspaper reported the auditor was considering issuing an adverse opinion only, a move which could have led to the delisting of the 140-year-old firm. Toshiba has struggled to win back shareholder trust since 2015 when it said it had inflated profits over several years, and analysts have said it was unclear whether it could stay listed in the long term regardless of the auditor's endorsement. However, PwC also issued a rare "adverse opinion" on the firm's internal controls, saying losses at its now bankrupt US nuclear arm Westinghouse were not booked in a timely manner. That means the auditor broadly vouched for Toshiba's book-keeping. PwC gave a "qualified opinion" on Toshiba's results for the year ended March as well as for April-June, according to a filing. Toshiba has probably avoided immediate delisting after its auditor signed off on its financial results albeit with criticism of its governance, yet its future remains uncertain with no progress in talks to sell its chips unit for much-needed cash. ![]()
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