Toshiba faces record 7.4b yen fine for falsifying earnings

Tokyo

JAPAN'S Securities and Exchange Surveillance Commission has recommended fining Toshiba Corp about 7.37 billion yen (S$83.8 million) for falsifying earnings, the largest financial penalty ever sought by the watchdog.

Toshiba misled investors by filing false financial statements for several periods including 2012 and 2013, according to a statement from the regulator on Monday. Toshiba said it will hold a press conference to discuss the recommended fine at 5.45pm on Monday in Tokyo.

The commission is still considering whether to recommend penalties against former top executives at Toshiba, people familiar with the matter have said.

Toshiba has replaced its top management and is raising cash by selling shareholdings and operations in the wake of Japan's biggest accounting scandal since camera m…