After its nuclear power business, Westinghouse Electric filed for bankruptcy protection, Toshiba once again welcomed a huge turmoil. The shareholders’ meeting approved the split of its NAND flash memory business, opening the door for subsequent sales.

Toshiba will split the flash memory business into an independent company in April, named “Toshiba Storage Company,” and a huge portion or even all of its assets will be sold.

Toshiba has already started the auction process of the flash memory business. It hopes to raise at least 9 billion U.S. dollars. In fact, Toshiba’s flash memory business is valued at 13-18 billion U.S. dollars.

Some 10 companies are said to be interested in Toshiba’s flash memory business, including Western Digital, Micron, SK Hynix, Foxconn, and others.

The first round of quotations is now over, and bidders are allegedly bidding more than $18 billion, but they are unaware of who quoted the price.

At a shareholders meeting that lasted for more than three hours, shareholders spewed outrage at Toshiba CEO Satoshi Tsunakawa and other executives. After all, the flash memory and nuclear power businesses were regarded as the core pillar of Toshiba.

"What causes the original pillar business to become a loophole?"

"Toshiba has become the laughing stock of the world. You don't know what happened."

In the face of doubts from shareholders, Toshiba executives have been unable to explain.

Toshiba, which is supposed to become a negative equity company, expects its net loss for the fiscal year to reach 1 trillion yen (approximately RMB 62.0 billion), which will be one of the biggest losses in the history of Japanese companies.

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