Toshiba sues former execs over scandal

posted on November 8, 2015

Toshiba Corp. said 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 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.

source by the-japan-news
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