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.