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Toshiba’s inflammatory report could change Japanese companies

For the past 17 weeks, a well-known demonstration in Japan on Sunday night has imitated the life of Eiichi Shibusawa – the face of a new Y10,000 record and “father of Japanese capitalism”. The movie still has months to go, but we already know how it ends: Japan came out in the 17th century, the culture of morality and the culture of those with capitalism concerned whose conditions are still relevant today.

It is an interesting story, which Toshiba, through his public and state forms of oppression of shareholders, can erase it.

Probably the most powerful problem in 147 page report on Toshiba which was published last week by an independent group of researchers looking at the annual conference of recipients last year, is doing well. The election includes Toshiba officials, the Ministry of Finance, Trade and Industry (METI), Japan’s chief financial officer, $ 1.6tn pension fund Hiromichi Mizuno, Prime Minister Yoshihide Suga and, in essence, a national image of Japan as a manufacturing hub. money. Nobuaki Kurumatani, who he ceased to be Toshiba’s chief in April, probably along its side.

Furthermore, the most difficult question is whether the last six years of climate change and transition, when Japan sought to reaffirm its commitment to governance and leadership, is what non-believers have always feared were under the guise of hypocrisy. about the future.

This weighty document describes the relationship that exists between the government and Toshiba’s management in which both parties seem to view the perpetrators as potential enemies. The end of Toshiba’s 2020 AGM, has not been well managed. The merger relies solely on the majority of shareholders to reverse their opposition to the AGM vote on which Kurumatani survival depends. One leader, he said, had asked the Ministry of Commerce to “beat” the heirs of many anti-apartheid activists. Someone pointed out how foreign currency “fears” Japanese officials and suggested that this could be their weapon.

The report shows that some METI officials believe that foreign exchange earners are available through the Foreign Exchange and Foreign Trade Act – a law that was amended in 2019 FT warned may have the following results. Next letter to FT from the Deputy Minister of Foreign Affairs reassured readers that the recipients of the right and opportunity to work with Japanese companies to increase profits in the company.

This inquiry, which is conducted solely because the shareholders have pressured the company, is dangerous in a way that Japanese reports do not: dishonesty, deception and fraud lead to a problem that often results in failure, public reflection and suspicion of leaders. In an unprecedented move, four Toshiba board members issued a statement describing the report as “shocking, frustrating and, in some cases, very confusing”.

As reported by the four, the report reveals in detail the shortcomings in stark contrast to what Toshiba had initially investigated – a reminder designed to be seen as a high point in denying shareholders’ interests and mocking the company’s management.

In all cases, the report is a document whose explosion affects the viewer. For those who see the findings as relevant to other special events, as well as those who already think that Toshiba is a dangerous subject of no control, the air is tight with smoke guns. For those who have always felt that METI has a tendency to confuse and conspire, it will not help to alleviate the concern that the ministry will do the same with other Japanese companies if they see the need. It is not hard to imagine that Carlos Ghosn, who has long claimed that METI is one of the masterminds of the 2018 conspiracy to use the report to support the ruling.

But the strongest test is to see what is happening as a revelation of a great truth: that the critical attitudes of Japanese companies, as well as government officials who have participated in this, have often changed little by little in caring for their shareholders.

This, however, could be useful if, as one stakeholder in Toshiba said, the report and its swollen form are now the catalysts for real change. Toshiba’s long-standing financial crisis, which began with a waste of money in 2015 and brought the company to the end of a few years later, has been seen to be more of a wait-and-see instead of the same poor course as many Japanese companies.

lei.lewis@ft.com


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