Business
10:01, 27-Dec-2017
Japan’s Toshiba unveils affiliate’s accounting misconduct
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Japan's Toshiba Corp. said on Tuesday that it had discovered accounting misconduct in one of its affiliates.
Toshiba Infrastructure Systems & Solutions Corp., an affiliate of Toshiba Corp. that conducts electrical installation work, attempted to cover the cost of a money-losing project by attributing its expenses to another profitable business.
The misconduct, which began in 2014 and lasted until September this year, involved a total amount of some 95 million yen (838,000 US dollars), according to Toshiba.
The misconduct was found after a subcontractor consulted Toshiba over expenses.
Toshiba was hit by another accounting scandal in 2015, when it admitted padding its profits by 152 billion yen between 2008 and 2014.
The scandal led to huge falls in the multinational conglomerate's stock prices and its chief at that time, as well as half of its board, resigned over the scandal.
Source(s): Xinhua News Agency