Toshiba takes $2.3bn hit from Westinghouse write-down

Tokyo / AFP

Troubled conglomerate Toshiba announced it had booked a $2.3 billion write-down of its US nuclear unit Westinghouse but said the sale of its medical devices business would reduce its forecast net loss for the year ended March.
A once proud pillar of corporate Japan, the company has been besieged by problems, most notably a profit-padding scandal in which bosses for years systematically pushed their subordinates to cover-up weak financial figures.
Toshiba is now expecting a net loss of 470 billion yen ($4.23 billion) for the last financial year.