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Toshiba ousts chairman over government collusion allegations
June 25, 2021
Toshiba shareholders voted to oust Chairman Osamu Nagayama at the company's shareholders meeting Friday over allegations that officials colluded with the Japanese government to curb foreign investors' influence, according to an Associated Press report.
Company shareholders including Effissimo, an investment fund that owns 10% of shares, began an investigation after Effissimo nominated dissident directors at last year's board meeting.
The investigation included hearings with employees and a review of more than 800,000 emails to determine irregularities in last year's vote tally and if government bureaucrats had pressured investors on how to vote.
The shareholders Friday ousted one other board member and approved the other nine board candidates.
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