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

Other articles

  • Germany has threatened to block the Telegram
    News

    Germany has threatened to block the Telegram

    In Germany, Telegram faces a fine of 55 million euros because the company does not have a contact person who would be obliged to communicate with the state to distribute content that violates the law. Der Spiegel reported this. If the company refuses to cooperate with the German authorities, the application may be blocked in […]

  • The National Bank named four factors for the growth of the hryvnia
    News

    The National Bank named four factors for the growth of the hryvnia

    Significant strengthening of the hryvnia against the dollar is due to four main factors. Vasyl Furman, Deputy Chairman of the Council of the National Bank of Ukraine, said this on the air of Ukraine 24 TV channel. “This is primarily an increase in prices in commodity markets, on the one hand, although, on the other […]

  • Ukraine is among the ten countries with the highest earnings on Bitcoin
    News

    Ukraine is among the ten countries with the highest earnings on Bitcoin

    Ukraine is in the top 10 countries with the highest earnings on Bitcoin in 2020 – Ukrainian investors received about $ 400 million in profits on cryptocurrency. The Ministry of Finance with reference to the data of the analytical company Chainalysis reported this. The authors of the rating draw attention to the obvious dominance of […]

  • The US and the EU will end the trade dispute between Boeing and Airbus
    News

    The US and the EU will end the trade dispute between Boeing and Airbus

    Authorities in the United States and the European Union have agreed to end a long-running trade dispute over the aerospace concerns Boeing and Airbus, which has resulted in mutual tariffs of more than $ 10 billion, said Catherine Ty, the US representative at the trade talks. “The US-EU agreement marks significant progress in reaching a […]

  • Microsoft has named the date of “death” of Windows 10
    News

    Microsoft has named the date of “death” of Windows 10

    Microsoft will stop supporting Windows 10 on October 14, 2025. This was reported by the company’s press service. Thurrot writes that this means the date of the “death” of Windows 10. The publication adds that the new generation of operating system, which Microsoft will present next week, will not be called Windows 10, at least, […]

  • First Radisson hotel opens in historic port city of Odesa
    News

    First Radisson hotel opens in historic port city of Odesa

    On the shores of the Black Sea, Radisson Hotel City Centre Odesa opens as Radisson Hotel Group’s 7th hotel in Ukraine in operation and under development. With an excellent location on the famous Derybasivska Street, Radisson Hotel City Centre Odesa unlocks the cosmopolitan city of Odesa, full of architectural styles, international cuisines and beautiful Black […]

  • Nvidia’s merger agreement with Arm could take more than two years because of China
    News

    Nvidia’s merger agreement with Arm could take more than two years because of China

    It may take Nvidia twice as long to get approval for its deal to buy Britain’s largest technology company, Arm Holdings, which is owned by Japanese financial conglomerate SoftBank Group. After the companies announced a $ 40 billion deal last September, the first hurdle was a class action lawsuit from Google, Qualcomm and Microsoft, which […]

  • Tesla has introduced its fastest electric car. The maximum speed of the Model S Plaid exceeds 320 km per hour
    News

    Tesla has introduced its fastest electric car. The maximum speed of the Model S Plaid exceeds 320 km per hour

    The American company Tesla demonstrated on Thursday in Fremont (California) its new electric car Model S Plaid. The presentation, led by Tesla Chairman Elon Musk, was broadcast on the company’s website. According to the businessman, critics have previously pointed out that the updated version of the Model S car will be “insanely fast”, and expressed […]

Read also

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

The Court reopened a case on the right of SANOFI for a trademark “SONAFІT”

Last year, the Commercial  Court of Kyiv initiated a suit of the SANOF I company to the State Intellectual Property Service of Ukraine and to the “Kyivmedpreparat”, PJSC about completely voidance of Certificate  of Ukraine on sign for the goods and services № 187104. The object of dispute  has become a “SONAFІT” trademark registered company […]

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

Walnut Garden – a Long-term Investment

Gardening is a purely European business by mentality as it means long-term investments and a completely transparent process. Walnut is a financial pearl of this industry. A walnut garden of only 1 hectare yields more than 1.2 million UAH per year. A walnut garden is an investment in the future and long-term well-being, as one […]

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

Robinhood will allow users of its platform to buy shares before the IPO

Robinhood, whose stock trading app has revolutionized Wall Street access to ordinary Americans on small budgets, on Thursday, launched a phased launch of a new product called IPO Access.   IPO Access gives users the opportunity to buy shares until their initial public offering (IPO) on the stock exchange at the IPO price (the price […]

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

Nvidia’s merger agreement with Arm could take more than two years because of China

It may take Nvidia twice as long to get approval for its deal to buy Britain’s largest technology company, Arm Holdings, which is owned by Japanese financial conglomerate SoftBank Group. After the companies announced a $ 40 billion deal last September, the first hurdle was a class action lawsuit from Google, Qualcomm and Microsoft, which […]

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

The largest financial investor EBRD provided “Ukrainian Agrarian Investments” with $ 20 million

European Bank for Reconstruction and Development (EBRD) provides a revolving credit facility for $ 20 million for working capital of the “Ukrainian Agrarian Investments” company, that has more than 70 farms in northern and western Ukraine. This loan replaces the previous funding of $ 13 million, which was granted to “Ukrainian Agrarian Investments” in 2014. […]

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

Citigroup predicted the dollar to fall by 20% next year

If coronavirus vaccines become widely available and help restore international trade and economic growth, the dollar is likely to fall by 20% in 2021. Bloomberg reports that this forecast was made by Citigroup Bank. If the forecast comes true, it will be a record drop since 1985, when the DXY index fell by 18.5% over […]

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

” Mariupol Ilyich Iron and Steel Works “, JSC lost in the court over 1 billion UAH

” Kryvyi Rih Iron Ore Plant”, JSC  won in a court case to recover from the ” Mariupol Ilyich Iron and Steel Works “, JSC  the part of the ”Metinvest” group, a total 1.32 billion UAH  for the delivered products – the iron ore together with penalty charges. This is stated in the decision of […]

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

Pharmaceutical company Bristol will buy MyoKardia for $ 13.1 billion

The American pharmaceutical company Bristol-Myers Squibb announced that it will buy biotech MyoKardia for $ 13.1 billion. Quotes of the MyoKardia at the previous trading increased by 59%. Bristol will pay $ 225 for each share of the MyoKardia, corresponding to 61% premium to the value of the company’s securities at the close of trading […]

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

The United States agreed to strengthen sanctions against Nord Stream-2

Representatives of the House of Representatives and the US Senate have agreed to include additional sanctions against Russia’s Nord Stream-2 gas pipeline. The sanctions will be included in the US State Defense Act for 2021.This was reported by Bloomberg. The sanctions will affect insurance and certification companies working with Russian courts to complete the project. […]

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

In Italy, Google was fined 102 million euros

The Italian Antimonopoly Service has fined the American corporation Google more than 102 million euros for abusing its dominant position in the market. “The Italian Antimonopoly Service has fined Alphabet Inc., Google LLC and Google Italy S.r.l. more than 100 million euros (102,084,433.91) for violating Article 102 of the Treaty on the Functioning of the […]

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

The Austrian investors to construct the new plant in Ukraine

The leadership of the Ukrainian industrial complex of LLC “Zakhid Agroprodukt” has reported to the mass media about receipt of the perspective offer from the Austrian investors. Foreign entrepreneurs whose names haven’t disclosed yet took the initiative to invest about 2 million euros in the development of the entity in the territory of the Ternopil […]

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

Facebook has decided to combine Instagram and Messenger

Facebook has begun merging Messenger and Instagram chats into a single correspondence system. The Verge writes about it. Reportedly, till August 14, many users of both iOS and Android devices in the Instagram mobile application began to receive notifications about the possibility of correspondence with friends who use Facebook. After the update, the usual Direct […]

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

Coca-Cola’s net profit for 9 months decreased by 9%

The net profit of the world’s largest producer of soft drinks Coca-Cola, which falls on the company’s shareholders, in the first nine months of the year decreased by 9% year on year and amounted to 6.291 billion dollars, according to company reports. Adjusted earnings per share were $ 1.46 against $ 1.6 a year earlier. […]

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

The company-owner TikTok was estimated at $ 250 billion

ByteDance’s valuation exceeded $ 250 billion, based on the value of shares in the secondary market, according to Bloomberg. The Chinese company’s share price has risen sharply in recent weeks as investors show more interest in ByteDance’s business, and its founder Zhang Ying is considering an IPO, the agency said. According to the analytical company […]

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

The cost of bringing claims to london court are growing up

00The cost of bringing a claim against a bank in the London courts has skyrocketed with claimants exposed to costs of up to £10m, say senior litigators. The debate over costs follows a string of high-profile civil litigation and investor claims against banks filed at the High Court in recent months. Banks including Barclays, Lloyds […]

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

The Dalian Wanda Group will be the majority owner of the Legendary Entertainment production company

Chinese companies continue to actively increase their presence in the business world. Recently it became known that the company Dalian Wanda Group, which  specializes in the construction of residential and commercial property, acquires the major USA cinema-company  Legendary Entertainment for $ 4 billion. After the implementation of the agreement, most of the shares will pass […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com