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Toshiba Chairman Resigns as Company Reports Huge Nuke Loss

Toshiba said said its net worth was in the negative, at minus 191 billion yen ($1.7 billion) at the end of last year

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    Toshiba Chairman Resigns as Company Reports Huge Nuke Loss
    AP Photo/Koji Sasahara
    The Toshiba logo is seen in Kawasaki near Tokyo, Friday, Jan. 27, 2017.

    Japanese electronics and energy giant Toshiba Corp. says its chairman is resigning to take responsibility for problems that will result in a 713 billion yen ($6.3 billion) loss in its nuclear business.

    Toshiba warned that all the estimates it announced Tuesday may change "by a wide margin," because of uncertainties. Earlier, it delayed the reporting its official financial results by a month, citing problems with auditing related to the losses in its nuclear business. That sent Toshiba stock tumbling 8 percent in Tokyo trading.

    The company said Shigenori Shiga, the chairman, will step down from the board but will remain as a Toshiba executive. He is quitting over the big losses related to the acquisition of CB&I Stone & Webster by its U.S. nuclear unit, Westinghouse.

    Toshiba said said its net worth was in the negative, at minus 191 billion yen ($1.7 billion) at the end of last year, but it said it hopes to take measures to fix that by the end of March.

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    (Published Friday, Sept. 22, 2017)