Toshiba to Restate at Least 152 Billion Yen of Past Profits
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Toshiba Corp. must correct at least 152 billion yen ($1.2 billion) of pretax earnings over a six year period after an internal accounting probe revealed the company overstated profits under pressure from management.
The amount is almost triple the 55 billion yen writedown the Tokyo-based company estimated earlier and is in addition to 4.4 billion yen in inaccurate entries found by the Tokyo-based company. Toshiba announced summary findings from a third-party committee investigation Monday and President Hisao Tanaka is scheduled to hold a briefing on Tuesday.