toshiba sues exexecs after accounting scandal
Last Updated : GMT 04:32:38
Arab Today, arab today
Arab Today, arab today

Toshiba sues ex-execs after accounting scandal

Arab Today, arab today

Arab Today, arab today Toshiba sues ex-execs after accounting scandal

Japan's electronics giant Toshiba CFO Masayoshi Hirata
Tokyo - AFP

Toshiba said on Saturday it sued five former executives for damages over their alleged roles in a huge accounting scandal, as it announced a deep six month operating loss.

The announcement came as the 140-year-old company attempts to restore its reputation following a billion-dollar profit-padding scandal, stemming from top executives pressuring underlings to systematically inflate financial figures for years.

Following a probe by a company-hired panel of experts, Toshiba said it was demanding the men, including three former presidents, pay a combined 300 million yen or $2.4 million.

The amount could increase if the firm finds additional grounds to seek further damage, Toshiba said.

The company will release the outcome of the experts' investigation on Monday, after reviewing privacy concerns for individuals and customers concerned, Toshiba said.
"We sincerely apologise for causing great concern to shareholders, investors and other stakeholders," Toshiba said in a statement.

Toshiba, which sells everything from rice cookers to nuclear reactors, has admitted that it had inflated profits by about $1.2 billion since the 2008 global financial crisis.

In what is considered to be one of the most damaging accounting scandals to hit Japan in recent years, the case forced the incumbent president and seven other top executives to resign earlier this year.

Meanwhile, Toshiba also announced a whopping operating loss of 90 billion yen ($737 million) for six months to September.

The operating loss -- its first in six years for the first half -- compares to a year-earlier 137.8 billion yen profit.

The firm cited deterioration of its PC and appliances businesses, while its mainstay chip business faced falling prices that also pressured profits.

But Toshiba managed to see a six-month net profit of 37.3 billion yen, down 29 percent from the same period last year, after selling stakes in subsidiaries.

The firm's overall sales during the period dropped 4.5 percent to 2.97 trillion yen, Toshiba said.

The company said it was not able to announce forecasts for the year to March 2016.

The company added that it has officially received documents related to a class action lawsuit filed in the United States against the firm and former executives in connection with the financial scandal that sent Toshiba shares nosediving.

Toshiba said it would request the court to drop the case.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba sues exexecs after accounting scandal toshiba sues exexecs after accounting scandal

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

toshiba sues exexecs after accounting scandal toshiba sues exexecs after accounting scandal

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday