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December 7, 2015

Accounting scandal results in record fine for Toshiba

News: Fine is subject to approval.

By James Nunns

Toshiba is set to face the largest ever fine in Japan for accounting-related violations.

The company is being faced with a ¥7.3 billion ($59m) fine after it overstated its profits by $1.9 billion over seven years.

Recommended by Japan’s Securities and Exchange Surveillance Commission, the fine is subject to approval by the country’s Financial Services Agency.

The impact this will have on the company is unknown, although the company has said that it had already set aside ¥8.4 billion in order to pay any fines.

Toshiba has been going through a number of changes recently, having announced its plans to sell off its semiconductor business.

The company has also seen changes in management; three former chief executives stepped down from their roles.

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