‘Toshiba may face ¥7b fine’

-A +A

This article first appeared in The Edge Financial Daily, on November 19, 2015.

TOKYO: Japan’s securities watchdog is likely to recommend Toshiba Corp be fined about ¥7 billion (RM249.1 million), a source familiar with the matter said yesterday, in what would be a record in the country for accounting-related violations.

The recommended fine would exceed the previous record of ¥1.6 billion paid by IHI Corp in 2008. But critics said the amount is still light compared with what could be levied by US regulators in a similar case.

Toshiba has set aside around ¥8.4 billion to cover administrative penalties, and the impact on its earnings is expected to be minimal. — Reuters