Word: toshiba
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Only hours after celebrating their company's 112th anniversary in a solemn ceremony at Tokyo's sumo wrestling arena last week, Toshiba Corp. President Sugiichiro Watari and Chairman Shoichi Saba suddenly dashed to their corporate headquarters for an emergency board meeting. Then, at a hastily called news conference, the two executives resigned. That surprise gesture of contrition came less than a day after the Senate voted 92 to 5 to prohibit Toshiba and Kongsberg Vapenfabrikk, Norway's largest defense contractor, from selling any products in the U.S. for two to five years...
...sanction vote was intended to punish Toshiba, whose 50.1%-owned Toshiba Machine subsidiary joined with Kongsberg to sell the Soviet Union sensitive technology that enables submarines to move more quietly underwater and thus escape detection. Under the terms of the Senate ban, which was passed as an amendment to a pending omnibus trade bill, the Federal Government is required to seek financial compensation from Toshiba and Kongsberg for the technology leak. Some Congressmen estimate that it could cost the U.S. up to $30 billion to bolster its defenses in the wake of the caper...
...Toshiba will be hard hit by the ban if it becomes law. The Japanese conglomerate last year exported to the U.S. $1.7 billion worth of VCRs, home computers and semiconductors, among other goods. Congressional sanctions might spark a wave of layoffs at the firm's U.S. subsidiaries, which employ 4,500 workers...
...Capitol Hill, feelings are still ruffled by the incident. Said Democratic Senator Dale Bumpers of Arkansas: "A lot of people are in prison in this country for doing a lot less than Toshiba did." The House is weighing measures similar to those passed by the Senate. If the President vetoes the trade bill and thus the sanctions, the penalties could still be introduced as separate legislation. In that circumstance, Congress is expected to have enough votes to override a veto...
Americans are flocking back to Europe. -- Citicorp, Ford and ITT join the exodus from South Africa. -- The Toshiba scandal grows...