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Toshiba predicts record $4.5bn loss

Toshiba has predicted it’s annual loss of 550bn yen ($4.5bn) annual loss as it undergoes a restructuring in the wake of an accounting scandal.

 

Troubled Japanese conglomerate , whose activities range from laptops to TVs to nuclear energy, is planning to cut 6,800 jobs.

 

Investors sold Toshiba shares on Monday, leaving them down 10%.

 

CEO Toshiba Hisao Tanaka

Toshiba’s president and vice-president resigned in July after the firm said it had overstated profits for six years.

 

Masashi Muromachi took over as chief executive and president from president Hisao Tanaka and vice-chairman Norio Sasaki also resigned in the wake of the scandal.

 

It has lost about 40% of its value since news of the profit overstatement began to emerge in April.