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Nuclear power plants under construction by Westinghouse in Georgia, U.S. (Photo by Soichi Inai)
Toshiba in turmoil

Toshiba learns a painful lesson about oversight

Subsidiary's 'no-cost' acquisition brought the 140-year-old company to the brink of ruin

TETSUYA ABE and KOTARO HOSOKAWA, Nikkei staff writers | North America

TOKYO Toshiba is one step closer to moving past the crisis that cost the company its prized memory chip unit and tarnished the reputation of one of Japan's most prominent businesses.

On Jan. 18, the troubled conglomerate announced it will sell assets related to bankrupt former subsidiary Westinghouse Electric to a consortium led by U.S. hedge fund Baupost Group. The company also said it will sell its stake in Westinghouse and related companies, including its holding company, to Canada's Brookfield group -- for $1.

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