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Shares in Toshiba Corp jumped about 6 per cent early Tuesday after a third-party committee hired to look into accounting irregularities found the company had overstated its operating profit by 151.8 billion yen ($1.22 billion) over several years.
The committee, which reported its findings to the Japanese computers-to-nuclear conglomerate on Monday, said Toshiba President and Chief Executive Hisao Tanaka and his predecessor, Vice Chairman Norio Sasaki, were aware of the overstatement of profits and delay in reporting losses in a corporate culture that "avoided going against superiors' wishes."
Toshiba's shares were up 3.2 per cent at 389.0 yen at 0015 GMT, after rising as much as 5.8 per cent earlier. Monday was a national holiday in Japan.
($1 = 124.3400 yen)
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