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* Toshiba aims to file results with no more extensions
* Move seeks to avoid potential delisting
* Auditors probing earlier results for Westinghouse
By Taro Fuse and Kentaro Hamada
TOKYO, April 11 Toshiba Corp aims to
file its twice-delayed business results on Tuesday, even if its
auditors don't fully sign off on the numbers, two people
familiar with the matter said, as the Japanese conglomerate
seeks to avoid a potential delisting from the Tokyo Stock
Toshiba has failed to file audited earnings for the three
months through December with the authorities, as the accountants
question the numbers at the company's U.S. nuclear subsidiary
Westinghouse Electric Co, where massive cost overruns have
pushed the Japanese parent company to the brink.
A third deadline looms, but auditor PricewaterhouseCoopers
(PwC) Aarata LLC is questioning not only recent results but also
probing the books at Westinghouse for the business year through
March 2016, said the sources, one with direct knowledge of the
matter and one who was briefed on it.
Toshiba and PwC media representatives could not be reached
for comment outside business hours.
Westinghouse filed for U.S. bankruptcy protection from
creditors two weeks ago, hit by billions of dollars of cost
overruns at four nuclear reactors under construction in the
Southeastern United States.
Toshiba, a laptops-to-construction behemoth, has said it
expects a $9 billion net loss for the business year ended March
2017 due to writedowns at Westinghouse. It is trying to sell
most or all of a prized unit that is the world's second-biggest
producer of NAND semiconductor chips.
Even if the company can't get a full sign-off from PwC, it
will file the results and hope the Kanto Local Finance Bureau
will accept them as they are, the sources told Reuters. If the
authorities reject the filing, Toshiba will have eight days to
refile or be stripped of its Tokyo Stock Exchange listing.
"There are various possibilities," said the person with
direct knowledge of the situation. "It's possible (the auditors)
could say the results are appropriate, give limited approval or
reserve their opinion."
Toshiba might get some sympathy from the authorities, as the
Financial Services Agency (FSA), which oversees the regional
finance bureaus, is becoming frustrated with PwC's probes of
results checked by Toshiba's previous auditor, Ernst & Young
(EY) ShinNihon LLC.
"If Toshiba were restating past year's earnings, that would
be one thing, but Aarata doesn't have the authority to reject
EY's audit of past years," a senior FSA official said.
"What do investors want to know? Are they interested in past
profit-and-loss statements?" he said. "What they're concerned
about is the current balance sheet."
Kanto Local Finance Bureau officials could not be reached
for comment outside office hours.
(Reporting by Taro Fuse and Kentaro Hamada; Additional
reporting by Takahiko Wada; Editing by William Mallard and Mark