TOSHIBA
Japan's Toshiba Corp reported on Saturday a second-quarter operating loss and said it has sued five former executives, including three former chief executive officers, over their roles in a $1.3 billion accounting scandal.
The laptops-to-nuclear power conglomerate posted an operating loss of 79.5 billion yen ($645.66 million) in the July-September second half of the current fiscal year that began in April. That compared with a 90.2 billion yen profit a year earlier.
The dismal results mainly reflect sluggish sales of home appliances and a writedown for the point-of-sale information system business.
Toshiba also said it is seeking damages from the five former executives for mismanagement. A panel set up by Toshiba found previous CEO Hisao Tanaka and his two predecessors had played a part in the overstatement of profits.
They have denied any involvement. ($1 = 123.1300 yen)
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Published on November 7, 2015
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