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As an outsider, I have always respected the Japanese tradition of leaders accepting blame and making apologies. It seems that this would short-circuit the outra

As an outsider, I have always respected the Japanese tradition of leaders accepting blame and making apologies. It seems that this would short-circuit the outrage driven media cycles that thrive in America. Is this the case in Japan? Do these apologies have a postive affect?

bobthepanda 5y ago
Corporate malfeasance manifests itself behind closed doors. https://www.theregister.com/2021/06/21/toshiba_effissimo_meti_scandal/ https://www.theregister.com/2021/06/21/toshiba_effissimo_met... > Toshiba’s first big mess was the 2015 accountancy scandal in which it admitted to over-stating revenue by $1.2 billion. Next came a mess at Toshiba’s US-based nuclear power plant business, which went so far over budget on some projects that the company had to sell its NAND flash chip joint venture with Western Digital to raise desperately needed cash. Those two messes saw Toshiba pledge to improve its corporate governance. Ahead of the company’s 2020 annual general meeting, activist investors sought to accelerate that change by proposing the election of new officers untainted by the company’s troubles. That effort failed, and one of the activist investors — Singaporean fund management company Effissimo capital management — smelled a rat. It sought to investigate what it thought were irregularities in the way the meeting was conducted. > Toshiba’s report from that investigation was released ten days ago, and its findings [PDF] include an explosive account of Toshiba and Japan’s Ministry of Economy, Trade and Industry conspiring to “beat up” Effissimo by threatening to act under Japan’s foreign investment laws, before suggesting new governance-related appointments that suited Toshiba more than Effissimo. The investigation also alleges that Japanese Prime Minister Yoshihide Suga was aware of the plan to use the Ministry to stymie Effissimo. https://www.japantimes.co.jp/news/2020/02/15/business/corporate-business/toshibas-latest-scandal-subsidiary-found-booked-%C2%A543-5-billion-fictitious-sales/ https://www.japantimes.co.jp/news/2020/02/15/business/corpor... > Toshiba Corp. said Friday that a subsidiary booked fictitious sales of ¥43.5 billion in 26 transactions recorded only on paper... Nine companies including Toshiba IT-Services were found to have been involved in “round-tripping transactions” that did not involve any commercial goods or end users, according to information mainly from a report about an in-house survey involving lawyers and certified accountants.

bobthepanda 5y ago

Corporate malfeasance manifests itself behind closed doors. https://www.theregister.com/2021/06/21/toshiba_effissimo_meti_scandal/ https://www.theregister.com/2021/06/21/toshiba_effissimo_met... > Toshiba’s first big mess was the 2015 accountancy scandal in which it admitted to over-stating revenue by $1.2 billion. Next came a mess at Toshiba’s US-based nuclear power plant business, which went so far over budget on some projects that the company had to sell its NAND flash chip joint venture with Western Digital to raise desperately needed cash. Those two messes saw Toshiba pledge to improve its corporate governance. Ahead of the company’s 2020 annual general meeting, activist investors sought to accelerate that change by proposing the election of new officers untainted by the company’s troubles. That effort failed, and one of the activist investors — Singaporean fund management company Effissimo capital management — smelled a rat. It sought to investigate what it thought were irregularities in the way the meeting was conducted. > Toshiba’s report from that investigation was released ten days ago, and its findings [PDF] include an explosive account of Toshiba and Japan’s Ministry of Economy, Trade and Industry conspiring to “beat up” Effissimo by threatening to act under Japan’s foreign investment laws, before suggesting new governance-related appointments that suited Toshiba more than Effissimo. The investigation also alleges that Japanese Prime Minister Yoshihide Suga was aware of the plan to use the Ministry to stymie Effissimo. https://www.japantimes.co.jp/news/2020/02/15/business/corporate-business/toshibas-latest-scandal-subsidiary-found-booked-%C2%A543-5-billion-fictitious-sales/ https://www.japantimes.co.jp/news/2020/02/15/business/corpor... > Toshiba Corp. said Friday that a subsidiary booked fictitious sales of ¥43.5 billion in 26 transactions recorded only on paper... Nine companies including Toshiba IT-Services were found to have been involved in “round-tripping transactions” that did not involve any commercial goods or end users, according to information mainly from a report about an in-house survey involving lawyers and certified accountants.