Toshiba acknowledged a systematic cover-up, which began in 2008, as various parts of its sprawling business including computer chips and personal computers were struggling financially.

Tokyo-based Toshiba's prospects in nuclear power, one of its core businesses, were shaken after the 2011 Fukushima disaster set off public fears about reactor safety, making new nuclear plants unlikely in Japan.

All 48 of the nation's working reactors are now offline. CEO Hisao Tanaka is meeting reporters later today to formally announce his resignation. Japanese government officials said they have been notified of the plan. Toshiba has repeatedly apologised to shareholders and customers.

Latest News  from Business News Desk