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Toshiba Corp.’s second-largest shareholder on Sunday demanded the chairman and three other directors resign immediately after an investigation found the company colluded with the Japanese government to pressure foreign investors.
The message, sent to the four on Sunday according to a person with direct knowledge of the operation and seen by Reuters, is from 3D Investment Partners, which owns a 7.2% stake in Toshiba.
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The crisis raised by last week’s report, which represented an explosive turning point in a long battle between the Japanese company’s management and foreign shareholders, is likely to deepen. These include activist investors and the Harvard University Endowment Fund.
Last change for security trading indicator %TOSYY TOSHIBA 21.215 -0.07 -0.35%
The 3D letter said what was disclosed in the shareholder-mandated report “is deeply troubling and represents one of the most significant and serious failures of corporate governance among large public companies anywhere in the world in the past decade.”
The letter, addressed to Chairman Osamu Nagayama and three current members of the Audit Committee, describes Nagayama as “ultimately responsible for Toshiba’s recent management failures, including a flawed internal investigation and the Board’s determination to oppose an independent external investigation.”
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(Reporting by Makiko Yamazaki; Editing by William Mallard)
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