View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Networks
November 9, 2015

Toshiba sues former execs over $1.3bn accounting scandal

News: The company is seeking damages totalling $2.4m.

By CBR Staff Writer

Toshiba has sued five former executives for damages over their alleged roles in the widely reported $1.3bn accounting scandal.

The company is seeking damages totalling $2.4m from previous CEO Hisao Tanaka, his two predecessors and two former chief financial officers.

The case forced Tanaka and seven other top executives to resign earlier this year. An independent panel has found that the executives were negligent over accounting practices.

Toshiba has since apologised to its shareholders, customers, business partners and all other stakeholders for any concern or inconvenience caused by issues relating to accounting irregularities.

Meanwhile, Toshiba posted an operating loss of JPY79.5bn for the second quarter of 2015, compared to an operation profit of JPY90.2bn a year earlier.

Net income increased 38% to JPY49.6bn, compared to JPY35.9bn in the year-ago period.

The company said that even though the community solutions segment recorded higher sales, the electronic devices & components segment experienced lower sales and the lifestyle products & services segment reported a significant sales decrease due to a shift in focus to redefined sales territories.

Content from our partners
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business
When it comes to AI, remember not every problem is a nail

Last month, Toshiba unveiled a plan to divest its imaging sensor business to Sony. The deal includes Toshiba’s semiconductor fabrication plants, equipment and related assets in Oita Prefecture, Japan.

 

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU