Broadcom Ltd: Business and Page Report

broadcom ltd: Toshiba said in 2015 that it had overstated profits for seven years and paid a record fine, only to reveal this year that it would have to take a write-down in its nuclear business of more than 6 billion, according to The Japan Times. Toshiba is now racing to sell off assets, including its prized memory chip business, to cover the losses in its Westinghouse nuclear business and avoid the delisting. In a 25-page report, the U.S. firm details years of accounting troubles at the Japanese icon, clashes with accountants over financial statements, weak internal controls and management missteps that have put investors at risk of seeing their shares delisted from the Tokyo Stock Exchange. The leading bidders for the chips business are Broadcom Ltd. and a group led by Bain Capital LP and Innovation Network Corp. of Japan, and Toshiba aims to pick the winner this month. The firm detailed why it has advised against every director, naming six for participating in the board's audit committee or in top management during the scandals. The repeated revelations of the accounting irregularities at both the company and subsidiary levels have cast significant doubt over the effectiveness of the group's internal controls, as well as the internal financial reporting procedures and auditing systems in place to avoid the kind of problems that have occurred, wrote Shigemichi Yoshizu, an analyst at Glass Lewis. (news.financializer.com). As reported in the news.