(MENAFN- Arab News) TOKYO: Toshiba Corp. will file its annual report up to two months later than usual as an ongoing independent investigation into accounting irregularities will likely last until mid-July the Japanese conglomerate said.
Toshiba has not been able to close its books for the year that ended in March because of the investigation into its book-keeping which it says likely led to profits being overstated by at least 50 billion yen ($415 million) in recent years.
It has also skipped its year-end dividend.
The company's results for the full fiscal year would normally have been reported by mid-May.
Toshiba said the government had approved its request to submit its annual report by end-August and announce its fiscal first-quarter results by September 14 a month later than the standard deadline for April-June quarterly earnings reports.
The approval means the company's shares will not automatically be placed under supervision for potential delisting due to the delayed filing a warning that would likely scare off conservative investors even if temporary.
'We accept the gravity of this extraordinary situation and deeply apologize for the inconvenience we caused to many including shareholders' CEO Hisao Tanaka said before bowing deeply in front of reporters and analysts.
'It's not my place to comment on possible supervision or delisting but I will do my utmost to avoid such developments' he said.