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Toshiba Withdraws Forecasts, Cancels Dividend on Accounting Probe

A monitor displays a diagram of the hydrogen energy management system at Toshiba Corp.'s Hydrogen Energy Research and Development Center at the company's Fuchu complex in Tokyo.
Photographer: Kiyoshi Ota/Bloomberg
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Toshiba Corp. withdrew its earnings forecasts for last year and won’t pay a year-end dividend after finding improper accounting on infrastructure projects.

A third-party committee is also being formed to further investigate the matter, the Tokyo-based company said Friday. The company had projected net income of 120 billion yen ($1 billion) on sales of 6.7 trillion yen in the year ended March. It’s German-traded shares plunged.