Japan’s Toshiba Corp said on Tuesday that it booked an impairment charge of $2.3 billion for the past financial year on U.S. nuclear unit Westinghouse, a much-anticipated move to address lingering doubts over its book-keeping. The 260 billion yen writedown is a reversal of Toshiba’s long-time refusal to mark down the 330 billion yen goodwill value of Westinghouse despite a deterioration in the nuclear business since the 2011 Fukushima disaster. Toshiba bought Westinghouse in 2006 for $5.4 billion. Investors have said that concerns over the value of the business have been a major reason behind the lack of recovery in Toshiba’s share price following a $1.3 billion accounting scandal last year.
Reuters 26th April 2016 read more »