Business | Foreign investors sue Toshiba over accounting scandal
Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo, Japan. REUTERS
Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in Tokyo, Japan. REUTERS

Foreign investors sue Toshiba over accounting scandal

In the latest action and largest action, 45 mainly foreign institutional investors as seeking US$162 million in damages

October 13, 2016 10:12 AM (UTC+8)

Toshiba Corp on Thursday said a group of investors had sued the company for 16.7 billion yen (US$162.29 million) in damages over its false profit statements, the largest single claim of compensation over the accounting scandal so far.

Toshiba said 45 mainly foreign institutional investors filed a lawsuit in the Tokyo District Court. Toshiba was notified of the action on Wednesday.

The filling follows 15 other suits seeking a combined 15.3 billion yen in compensation for damages stemming from the US$1.3 billion accounting scandal last year, Toshiba said.

Japan Trustee Services Bank filed a suit against the company in August seeking 12 billion yen.

Toshiba last year admitted to reporting inflated profits going back to 2008.

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