Westinghouse Denies it is Under US Investigation

 Westinghouse Denies it is Under US Investigation

Westinghouse has spoken out strongly against reports that the company is under U.S. investigation.
 
Several news sources, including Bloomberg, reported that the U.S. government was looking into Westinghouse’s parent company, Toshiba, for alleged fraud in hiding a $1.3 billion loss in Toshiba’s Westinghouse Electric nuclear business unit.
 
“Westinghouse strongly refutes Bloomberg’s recent reporting about being possibly investigated by government agencies,” said Westinghouse President and CEO Danny Roderick. “The headline and article were factually inaccurate and reckless.”
 
Toshiba was investigated by Japanese regulators in 2015 for padding the books since 2008. The company has apologized and was fined $62.1 million. CEO Hisao Tanaka stepped down in August 2015.

Toshiba said in a statement that "certain U.S. subsidiaries received information requests from the DOJ and SEC in respect of Toshiba’s accounting practices, and they are cooperating with the investigation."

“There was nothing new in the article. Westinghouse has been transparent and cooperative with the independent investigation committee,” Roderick said. “According to the independent report cited in the article, no accounting irregularities have been found in Westinghouse’s accounting. To our knowledge, Westinghouse financial reporting is not under investigation.”

Subscribe to Nuclear Power International magazine   



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...