The future of Toshiba Corp. is imperiled over ballooning costs at its U.S. nuclear unit Westinghouse, which filed for bankruptcy protection last month. Behind a great Japanese brand’s fall from grace is a fateful decision to bank on an expensive overseas purchase. And no one had calculated on a nuclear catastrophe. Price drops in oil and natural gas, as well as beefed up safety regulations that kicked in after the 2011 Fukushima disaster, are chipping away at the appeal of nuclear power. But perhaps more fateful was Toshiba’s corporate culture of chasing big money at the cost of ethics and governance, already brewing as it headed to the 2006 purchase of Westinghouse, according to former employees and observers.
AP 31st May 2017 read more »