Wednesday April 8, 2020

Toshiba faces €55 million fine for falsifying earnings

Japan's regulator still considering action against company execs

7th December, 2015
"It could take five to 10 years to regain trust from investors," according to one investor

Electronics company Toshiba faces a 7.37 billion yen (€55 million) for falsifying earnings, the largest financial penalty ever sought by Japan's watchdog, the Securities and Exchange Surveillance Commission.

Toshiba misled investors by filing false financial statements for several periods including 2012 and 2013, according to a statement today from the regulator. The commission is still considering whether to recommend penalties against former top company executives.

Toshiba replaced its top management and is raising cash by selling shareholdings and...

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