: We need to create a new Toshiba so something like this will never happen again, Tanaka said, adding that the company will take preventive measures and strengthen governance to address what he said was its biggest crisis ever, according to The Japan Times. The Securities and Exchange Surveillance Commission also ordered Toshiba to submit a report on its accounting practices in line with the Financial Instruments and Exchange Act, Tanaka, who is also chief executive officer, said at a general shareholders meeting. President Hisao Tanaka said Thursday that securities regulators investigated its accounting practices in February, well before it revealed major problems with its books on April 3. Toshiba has so far discovered 21 cases of fishy accounting that will force it to slash group operating profits by ¥54.8 billion for the five years through March 2014. The securities watchdog is expected to decide whether to seek disciplinary steps against the company after receiving a final report from Toshiba. Due to the irregularities, Toshiba couldn’t finalize its earnings statements for fiscal 2014, which ended March 31, and decided to skip dividends.
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