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The Toshiba–Kongsberg scandal, referred to in Japan as the Toshiba Machine Cocom violation case, was an international trade incident that unfolded during the final period of the Cold War. It centered on certain Coordinating Committee for Multilateral Export Controls (CoCom) member nations who transgressed foreign exchange and foreign trade ...
A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud uncovered at Enron less than a year earlier. [109] Ultimately, WorldCom admitted to inflating its assets by $11 billion. [110]
Toshiba Corp's (6502.T) chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country's biggest accounting scandal in years. Tanaka will be ...
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Peregrine Systems [8] [10] corporate executives convicted of accounting fraud; Phar-Mor [8] company lied to shareholders. CEO was eventually sentenced to prison for fraud and the company eventually became bankrupt; Qwest Communications [10] RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in ...
Stocks are giving back some of yesterday's rich gains this morning, with the Dow Jones Industrial Average (INDEX: ^DJI) and the broader S&P 500 (INDEX: ^GSPC) down 0.37% and 0.26%, respectively ...
Toshiba first announced in May 2015 that it was investigating an accounting scandal and it might have to revise its profits for the previous three years. [ 56 ] [ 57 ] On 21 July 2015, CEO Hisao Tanaka announced his resignation amid an accounting scandal that he called "the most damaging event for our brand in the company's 140-year history".
The Olympus scandal was a case of accounting fraud exposed in Japan in 2011 at optical equipment manufacturer Olympus.On 14 October, British-born Michael Christopher Woodford was suddenly ousted as chief executive.