Toshiba faces record 7.4b yen fine for falsifying earnings
Securities and Exchange Surveillance Commission mulling over whether to recommend penalties against former top execs: sources
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.
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