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Toshiba may sell troubled unit behind Moorside nuclear plant

Toshiba says it may sell its troubled Nuclear business, Westinghouse, as it battles big losses in the US - placing further doubt over a new nuclear plant in the UK.
The Japanese company made the admission as it faced further fury back home over its failure to file quarterly results because of auditing problems.

While regulators have granted Toshiba a further period of time to finalise the figures, the company has been warned it faces being delisted from the stock market if it does not get its act together by 11 April.

Its shares were as much as 9% lower in Tokyo as the firm scrambled to secure the extra time. The results were originally due a month ago.

The problems at Westinghouse top the to-do list.

Toshiba is expecting a group net loss of around 500 billion yen (£3.6bn) for the final three months of 2016.

That is due to include a 712.5bn yen (£5.1bn) hit from its embattled nuclear business.

It has faced a series of challenges - most notably the fallout from the tsunami in 2011 that led to Japan rowing back on its nuclear power programme and other countries, including Germany, following suit.

Toshiba is involved in work to decommission the Fukushima plant, which has suffered a series of meltdowns since the original earthquake.
Another costly decision has proved to be Westinghouse's purchase of a nuclear construction and services business two years ago that was meant to win more business in decontamination, decommissioning and plant projects.

Allegations by a whistleblower have contributed to wider fears surrounding accounting practices at Toshiba as a whole.

While Westinghouse could be sold, Toshiba president Satoshi Tsunakawa declined to comment on reports that it was mulling bankruptcy protection for the troubled nuclear business.

"Nothing has been decided yet," he told a news briefing Tuesday.

The uncertainty does nothing to bolster confidence that the Moorside nuclear project will move forward in the UK.

Westinghouse is one of the stakeholders in the plant, slated to be situated near Sellafield, and a sale could lead to new owners questioning the investment.

The power station was on course to be the second project, behind the £18bn Hinkley Point C deal, to be given the green light in the UK as the Government seeks to maintain nuclear as part of the country's future energy mix.

SKY    News.

This post first appeared on Quest Times, please read the originial post: here

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Toshiba may sell troubled unit behind Moorside nuclear plant


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