Japan’s powerful trade ministry, the former head of investment at its giant pension fund, and even the current prime minister.
Those are the actors portrayed in a detailed description of how Toshiba Corp. allegedly tapped government allies to try to influence voting at its annual general meeting last year. Management at the more than 145-year-old manufacturer worked hand in hand with public officials in an attempt to sway the outcome, according to a 139-page report by three independent investigators elected by Toshiba stockholders to examine the issue.
It’s a rare public account of how Japan’s bureaucrats allegedly coordinated with a private company to exert control over foreign shareholders. While it’s unlikely to hurt Prime Minister Yoshihide Suga, it’s already having an impact on the iconic conglomerate and may have wider implications for corporate accountability in the country’s more than $6 trillion stock market.
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