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Investors Sue Toshiba Over Accounting Scandal

Investors Sue Toshiba Over Accounting Scandal

Enterprise & IT Oct 13,2016 0

A group of investors are suing Toshiba in a Tokyo court for 16.7 billion yen ($162.3 million) in damages, over a $1.3 billion accounting scandal uncovered last year. Toshiba on Thursday confirmed that it has received an action for compensatory damages in relation to the accounting issue filed with the Tokyo District Court by 45 shareholders, mainly foreign institutional investors, seeking compensatory damages in the amount of 16,650,601,996 yen, on the grounds that damage was incurred due to Toshiba's inappropriate accounting.

The company has been sued by 15 groups and individuals since it first admitted to reporting inflated profits going back to 2008.

The remaining suits are seeking a combined 15.3 billion yen in compensation.

Tags: Toshiba
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