TOKYO (Reuters) – Japan's financial watchdog plans to seek a financial penalty on Toshiba Corp <6502.T>, currently being investigated by an independent committee over accounting irregularities, the Nikkei reported on Saturday.
The Securities & Exchange Surveillance Commission (SESC) believes the company falsified financial statements & will recommend as early as September that the Financial Services Agency impose a fine, the business daily said, citing sources.
A source familiar with the matter told Reuters that regulators will commence studying the case to weigh potential penalties after the committee announces its findings on Monday.
p> An SESC spokesman declined to comment, while Toshiba officials were not immediately available for comment.
A separate source familiar with the matter said on Friday that the committee's report was likely to conclude that top executives – including CEO Hisao Tanaka, & former company presidents Norio Sasaki & Atsutoshi Nishida – had been aware of delays to the booking of losses.
Toshiba expects to take up to $3 billion in charges related to six years of improper accounting.
(Reporting by Takahiko Wada; Editing by Michael Perry)
Toshiba Corpaccounting irregularities
Source: “Reuters”
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