‘Nuclear power at fault for Toshiba’s uncertain future’

Toshiba has warned that investment in nuclear power may have been the cause of major losses made by the company.

A report in the AFR quotes Satoshi Tsunakawa, Toshiba’s chief executive, as saying the company will do “what we can to avoid being delisted from the stock exchange”.

Following the fall of its US-based nuclear power subsidiary Westinghouse Electric, which filed for bankruptcy and announced US$9.9 billion (A$13.2 billion) losses a fortnight ago, Toshiba’s future now hinges on a planned sale of its chip division.

Now struggling against the rise of technologies made in South Korea and China, the company is seeking outside investment, according to the report, which claims Toshiba has “faced a spate of recent stumbles in core businesses”.   

The report explained that losses linked to Westinghouse Electric has created “substantial uncertainty” over its future.

Read more: Shareholders go nuclear as Toshiba announces sale of chip division

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