0214N Toshiba Tsunakawa

Toshiba President Satoshi Tsunakawa

A day of confusion reveals Toshiba's broken governance

Bungled announcements fan flames of investor distrust

TOKYO -- Toshiba has abruptly postponed an earnings announcement, citing the need for an internal probe, but to distrustful investors, the move shows how the troubled conglomerate has failed to learn from past missteps involving information disclosures.

Tuesday was a chaotic day for Toshiba. Earnings for the nine months through December were due out at noon. At first, the only word from the Japanese company was a notice on its website, posted a few minutes after noon, that the report had not yet become available.

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