Ex-Toshiba auditor to step down from government panel

(Reuters) — The former chairman of Toshiba‘s (TYO:6502) audit committee plans to step down from his role on a government accounting panel, a source familiar with the matter said today, in the latest fallout from the $1.2 billion book-keeping scandal at the Japanese industrial conglomerate.

Makoto Kubo resigned this week from his job as a director and chairman of the audit committee at Toshiba after investigators concluded the committee failed to function, contributing to “institutionalized” accounting irregularities. The company’s CEO and a string of other senior officials also resigned.

Kubo has now also submitted his resignation from the Financial Services Agency’s accounting panel, the source told Reuters. The panel has been urging Japanese companies to adopt international accounting standards.

Kubo’s resignation comes a day after Japan Post Holdings, which is preparing for a public offering this year, said it was withdrawing the nomination to its board of Fumio Muraoka, Toshiba’s former senior executive vice president.

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