Toshiba will be fined for $ 60 million for false information about income

Toshiba will be fined for $ 60 million for false information about income

08.12.2015 News

Toshiba will be fined for $ 60 million for false information about incomeA grandiose financial scandal occurred in Toshiba. The company is accused in violating accounting and providing false information about their income. Because of the false information, as contained in the financial records of the company, the amount of income for the period 2008-2014 was understated for $ 1.9 billion.

The regulatory authorities proposed the fine in the amount of $ 60 million. It will be a record fine in Japan. While on the other hand  this amount is very small comparing with any fines encountered in such cases in American companies.

Japanese regulators are trying to build confidence in the securities market, and yesterday, December 7, 2015, they said about the fine against Toshiba on $ 60 million and about possible prosecution of its former executives.

General Secretary of the Commission for Supervision of securities and exchanges Sasaki Kiyotaka, announced at Monday at media briefing that the investigation concerning the financial affairs of the company was carried out with great care, because Toshiba is an important brand name not only in Japan but also far beyond its borders.

In response, Toshiba’s President Masashi Muromachi said that the company is planning a global restructuring. “I have decided to implement the reform without any restrictions,” – the Muromachi said.

This summer, the company has already carried out the reorganization of the management, when three leaders left the office.

After all these events, investors began to have doubts about the Toshiba. Moreover, fifty shareholders sued the company to court, demanding to compensate damages in the amount of ¥ 302 million.

As a consequence – Toshiba shares fell 37% to ¥ 302 ($ 2.45) from ¥ 483.

Toshiba Corporation is a major concern which produces electrical engineering, electronics, power equipment, medical equipment. In 2014 the company ranked 145 in the Fortune Global 500 (the top 500 largest companies, which annually published in the Fortune magazine).

Source: www.wsj.com

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