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Japan finmin to meet Japan Post CEO over Toll writedown - source
April 27, 2017 / 2:33 AM / 7 months ago

Japan finmin to meet Japan Post CEO over Toll writedown - source

TOKYO, April 27 (Reuters) - Japan’s finance minister will meet the chief executive of Japan Post Holdings Co in the coming days over the company’s surprise $3.6 billion writedown on its Australian logistics arm, Toll Holdings, a person with direct knowledge of the matter said.

Taro Aso and Japan Post’s Masatsugu Nagato will focus on the company’s response to the impairment charge, announced on Tuesday, the person said.

Japan Post’s 400 billion yen writedown on Toll has pushed the company towards an annual loss of 40 billion yen for the year ended in March, and came less than two years after its A$6.5 billion ($4.9 billion) acquisition of Toll.

Japan is planning an additional sale of shares in Japan Post, which listed in 2015. (Reporting by Yoshifumi Takemoto; Writing by Thomas Wilson; Editing by Clara Ferreira Marques)

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