Japan's securities watchdog to recommend Toshiba fine on Monday: Nikkei

Japan's securities watchdog to recommend Toshiba fine on Monday: Nikkei

(Reuters) – Recommendation from Japan's securities watchdog to fine Toshiba Corp for accounting violations will be announced on Monday, Nikkei reported.

A source told Reuters last month that the Securities & Exchange Surveillance Commission was likely to recommend the Financial Services Agency to fine Toshiba approximately 7 billion yen ($57 million), in what would be a record in the country for accounting-related violations.

Toshiba, whose business spans household electronics to nuclear power, has said it inflated profits by approximately 155 billion yen over approximately seven years.

A third-party probe set up by Toshiba to investigate its accounting practices was given a failing grade late last month by half of a group of influential lawyers, who said it was not sufficiently independent & did not examine a key division.

(Reporting by Abhirup Roy in Bengaluru)

Source: “Reuters”