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Thursday, April 20, 2017
Toshiba's Shareholders Seek For New Compensatory Damages

Toshiba has confirmed that its has received two additional actions for compensatory damages in relation to the recent accounting issues.

Tohsiba said that actions against the company were filed with the Tokyo District Court by four shareholders, all Japanese corporate shareholders, seeking compensatory damages in the amount of 5,115,911,395 yen ($46.913 million) and 13,133,064,492 yen ($120.4 million), on the grounds of damages incurred due to Toshiba's inappropriate accounting.

Toshiba says it will "handle the matter appropriately" after taking into account the plaintiffs' assertions, and intends to record a provision for a reasonably estimable amount, which has not yet been determined.

As announced by the Toshoba in its October 13, 2016, other actions have been filed in Japan seeking compensatory damages. As of today, Toshiba has received a 18 complaints, and the total amount sought in these actions is approximately 32 billion yen ($293.44 million).

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