Exclusive: Toshiba's top investor calls for probe into botched shareholder meeting – letter

FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at Toshiba’s extraordinary shareholders meeting in Chiba, Japan March 30, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) – Toshiba Corp’s 6502.T top investor has called for an independent probe into a botched shareholder meeting, alleging several investors were deprived of their right to vote properly, according a letter sent to the Japanese conglomerate’s board.

The call by Singapore-based Effissimo Capital Management is the latest to highlight investor concern about the July 31 shareholder meeting, and the sidelining of minority investors, particularly foreign funds.

The letter from Effissimo comes just days after Toshiba this month said that more than 1,000 postal voting forms for its shareholder meeting went uncounted. Another Singapore-based fund, 3D Investment Partners, has already called for a similar investigation, saying its vote had not been fully recognised.

Effissimo said Toshiba’s board should establish a committee made up exclusively of independent members to investigate whether the July meeting was conducted fairly.

“We have surveyed several dozen shareholders regarding this matter, and were able to confirm that there are in fact several shareholders that were unable to vote in a manner consistent with their intentions,” Effissimo said in its letter.

Effissimo and Toshiba both declined to comment when contacted by Reuters.

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