Toshiba published its quarterly results on April 11 after having been forced to postpone their announcement twice.
However, the company still did not obtain the approval of its audit firm, PwC Aarata LLC, which did not manage to evaluate the surveys regarding the acquisition of CB&I Stone by Westinghouse. The audit firm believes further investigations are necessary in order to come to a conclusion regarding Westinghouse losses, which could have been minimized.
For the first time, Toshiba acknowledged that there are some "material events and conditions that raise the substantial doubt about the Company's ability to continue as a going concern".
During the nine first months of 2016, Toshiba posted a loss of Yen532.5bn (US$4.8bn). This result stems in particular from significant impairments of Westinghouse assets. The Group is also under threat to be written off from the Tokyo Stock Exchange.
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