Toshiba posts $4 billion net loss in 2015

Tokyo, May 12 : Japanese tech giant Toshiba registered net loss of $4 billion in 2015, the company announced on Thursday.

The net deficit of Toshiba multiplied 13-fold in the fiscal 2014 when the company incurred a loss of $347 million, EFE news reported.

Toshiba also confirmed the appointment of its current Vice President Satoshi Tsunukawa, as company head, replacing Masashi Muromachi.

The appointment of Tsunakawa, 60, who has been with Toshiba since 1979, will be effective once approved during a shareholders meeting in June, the company said.

The accounting scandal, which came to light in February 2015, revealed that Toshiba had overestimated its sales revenue between 2007 and 2014 by $2 billion.

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