The accounting scandal led to the resignation of several members of the firm's senior management, including the chief executive.
Toshiba is in deep crisis due to the chip unit and has somehow delayed the delisting temporarily with the support of the auditors who signed-off based on the financial conditions even though they have suffered lots of criticisms due to poor governance. Toshiba, looking to diversify away from consumer electronics, had bought the business in 2006.
What have the auditors said?
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While Toshiba appears to have averted the risk of immediate delisting from the Tokyo Stock Exchange by submitting its annual financial results with sign-off by an auditor ahead of the deadline, the Japanese conglomerate's prospects of maintaining its listing remain far from certain.
PricewaterhouseCoopers Aarata on Thursday delivered a "qualified opinion" on the earnings for the year to March, as well as the April-June quarter. That means the auditor broadly vouched for Toshiba´s book-keeping.
So it won't be delisted?
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That would normally trigger a delisting from the Tokyo Stock Exchange.
The final results for fiscal 2016 came in little changed from an outlook the company released in late June. The company said it was intending to swing back to profitability in the current fiscal year, but getting itself out a negative net worth by March 2018 would not be easy, analysts warned. Toshiba has a history of being in existence for more than 140 years and this delisting would have worsened the condition for the company to raise cash for their memory chip business which is now suffering a huge cash crunch. But the sale has hit hurdles.
Toshiba has been trying to sell off its flash memory unit to escape its negative net worth trap, but progress has been stalled for weeks now. The sale has been challenged by Toshiba's partner and rival bidder, Western Digital, in court. Toshiba shares have been on an upward trajectory, rising 9.4% between August 1, when the listing was dropped to the TSE's second section, and Wednesday. Its products are used in data centres and consumer goods worldwide, including iPhones and iPads.
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