Toshiba plans restructuring, asset sales following 7.4b yen recommended fine

Tokyo

TOSHIBA Corp plans to restructure its operations and sell additional assets after Japan's securities regulator recommended fining the company about 7.37 billion yen (S$84 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 Japan's Securities and Exchange Surveillance Commission. The commission is still considering whether to recommend penalties against former top company executives, people familiar with the matter have said.

President Masashi Muromachi, who took over as the scandal unfolded this year, apologised at a press conference in Tokyo on Monday, promising to take steps to overhaul operations and prevent future wrongdoing. He said the company will detail a restructuring plan by Dec 31 and is considering selling its personal computer and appliance businesses. "I will implement no-holds-barred str…