Toshiba engulfed by £780m accounting scandal

Over-statement of profits at Toshiba was nearly three times greater than an internal probe had claimed

Toshiba
(Image credit: Yoshikazu Tsuno)

Japanese corporate giant Toshiba overstated profits by 152bn Yen (£780m) over a seven-year period, according to a scathing report on a scandal which has claimed the scalp of its chief executive and caused shares to plummet by more than a quarter since May.

The Japan Times says the report by independent investigators, published by Toshiba today, alleges that the irregularities reflected a corporate culture that "avoided going against superiors' wishes". It adds that top company bosses, including president and CEO Hisao Tanaka and his predecessor, vice chairman Norio Sasaki, were aware of the overstatements.

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