Toshiba chief executive Hisao Tanaka resigns from the company

The Chief executive and president of Toshiba company, Hisao Tanaka and the vice chairman finalised to resign after the company said it had overstated its profits for the past six years.

On Monday, an independent panel appointed by Toshiba said the firm had overstated its operating profit by a total of 151.8bn yen ($1.22bn, £780m).

Mr Sasaki served as Toshiba president between June 2009 and June 2013, covering most of the period during which the firm inflated the profits.

According to BBC, Toshiba’s accounting scandal began when securities regulators uncovered problems as they probed the company’s balance sheet earlier this year.

The findings mean Toshiba will have to restate its profits for the period between April 2008 and March 2014. It is unclear whether it will affect the company’s results for the year ending March 2015.

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