Toshiba chair blames ex-CEO for firm's woes

Toshiba's chairman is resisting pressure from investors to quit.

Osamu Nagayama on Monday (June 14) blamed the firm's problems on former CEO Nobuaki Kurumatani.

His confrontational attitude towards shareholders contributed to the current situation, the chairman argues.

Toshiba has come under fierce scrutiny in recent days.

Last week an independent probe said the conglomerate colluded with the Japanese government to lean on foreign investors.

It says Toshiba asked Japan's powerful trade ministry to help pressure shareholders into backing management plans.

One shareholder has called it the world's worst corporate scandal in a decade.

On Monday Nagayama did apologise, and admitted there were lapses in governance of the firm.

But he said he wanted to stay on and help rebuild Toshiba.

Nagayama also said the company would hold an emergency general meeting to appoint a new board.

He says it wants to include two foreign directors among a committee that will conduct a strategic review.

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