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Toshiba in turmoil

Toshiba colluded with government against investor, probe finds

Report says former CEO likely informed PM Suga about plans to block activist

Activist investors had pushed for an investigation into whether Toshiba applied pressure on shareholders over voting at last year's meeting.   © Reuters

TOKYO -- An independent investigation has found that Japanese government officials colluded with Toshiba in an attempt to prevent shareholders from exercising their voting rights at last year's annual general meeting.

The Japanese conglomerate released a report on Thursday which said Toshiba, together with officials from the Ministry of Economy, Trade and Industry, "devised a plan" to prevent Effissimo Capital Management, which holds 9.9% of Toshiba shares, from exercising its shareholder proposal at the AGM.

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