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Toshiba Faces New Lawsuit Over Accounting Scandal

Toshiba Faces New Lawsuit Over Accounting Scandal

Enterprise & IT Jun 13,2017 0

Toshiba on Tuesday said it was being sued by another group of foreign investors for 43.9 billion yen ($399 million) in damages over a $1.3 billion accounting scandal uncovered two years ago.

The latest legal action against toshiba was filed with the Tokyo District Court by seventy shareholders, foreign institutional investors and individuals, on April 3, 2017, seeking compensatory damages on the grounds of damages incurred due to the company's inappropriate accounting.

Toshiba said in a statement that it plans to book an additional provision for the year ended March for the lawsuit.

As of today, Toshiba has been served with 25 complaints and the total amount sought in these actions is approximately 108.4 billion yen ($984.7056 million U.S. dollars).

Tags: Toshiba
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