Foreign investors sue Toshiba over accounting scandal

Foreign investors sue Toshiba over accounting scandal

by Joseph Anthony
116 views

Toshiba Corp on Thursday said a group of investors had sued the company for 16.7 billion yen ($162.29 million) in damages over its false profit statements, the largest single claim of compensation over the accounting scandal so far.

Toshiba said 45 mainly foreign institutional investors filed a lawsuit in the Tokyo District Court. Toshiba was notified of the action on Wednesday.

The filling follows 15 other suits seeking a combined 15.3 billion yen in compensation for damages stemming from the $1.3 billion accounting scandal last year, Toshiba said.

Japan Trustee Services Bank filed a suit against the company in August seeking 12 billion yen.

Toshiba last year admitted to reporting inflated profits going back to 2008.

You may also like

Leave a Comment

Chijos News is an independent online publication that provides readers with the latest breaking Nigerian news, world news, entertainment, sports, business, and many more.

@2024 – Chijosnews.com. All Rights Reserved.

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00