monday, 17 july of 2017

Judge postpones decision on Toshiba flash memory sale

A judge for the Superior Court of California postponed a decision Friday for injunctive relief to block Toshiba Corporation from selling its flash memory business in an attempt to relieve losses from the nuclear reactor business. As per a joint venture with Western Digital which helps finance equipment at Toshiba's plants, Western Digital has also invoked separate arbitration proceedings. Judge Kahn delayed the ruling on the injunction and instead proposed that Toshiba be required to give Western Digital two weeks notice that the sale would be closing if the arbitration was still proceeding. A subsequent hearing has been scheduled for July 28.

Toshiba has been under fire in recent years for questionable practices. Toshiba's nuclear reactor stations failing had caused significant loss for the company earlier this year. A third-party investigative report released on July 20, 2015, found that Toshiba Corporation had padded its profits by $1.2 billion (1.5 billion yen) over the past six years. The company is still facing issues from that 2015 scandal that has investors worried about the company.

(Published by Jurist - July 17, 2017)

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