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TOKYO: Toshiba Corp executives including its former CEO behaved unethically, albeit not illegally, with respect to allegations that management sought to pressure overseas shareholders, a company-commissioned report has found.

A separate shareholder-commissioned report concluded in June that Toshiba had colluded with Japan's trade ministry to block overseas investors from gaining influence at last year's shareholders meeting.

Toshiba then set up an independent corporate governance committee to analyse the root causes of the issue.

Toshiba to split business

Its report, published on Friday, found that Toshiba was overly dependent on the trade ministry, adding that problems were also caused by its "excessive cautiousness towards foreign investment funds" and "its lack of willingness to develop a sound relationship with them."

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