Toshiba swings to operating loss, sues former CEOs over accounting scandal
[TOKYO] Japan's Toshiba Corp reported on Saturday a second-quarter operating loss and said it has sued five former executives, including three former chief executive officers, over their roles in a US$1.3 billion accounting scandal.
The laptops-to-nuclear power conglomerate posted an operating loss of 79.5 billion yen (S$917.4 million) in the July-September second half of the current fiscal year that began in April. That compared with a 90.2 billion yen profit a year earlier.
The dismal results mainly reflect sluggish sales of home appliances and a writedown for the point-of-sale information system business.
Toshiba also said it is seeking damages from the five former executives for mismanagement. A panel set up by Toshiba found previous CEO Hisao Tanaka and his two predecessors had played a part in the overstatement of profits.
They have denied any involvement.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Lululemon to shutter Washington distribution center, lay off 128 employees
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
P&G raises annual core profit forecast on resilient demand, price hikes
Cordlife calls for trading halt after shares sink to all-time low, pending announcement
Marina Bay Sands Q1 profit surges 51.5% to US$597 million on tourism boom
Swiss watch exports plunge as China and Hong Kong demand dries up