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Toshiba Executives Resign Over $1.2 Billion Accounting Scandal

Bloomberg business news

Toshiba to Correct $1.2B in Earnings

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Toshiba Corp. President Hisao Tanaka and his two predecessors quit after investigators found that the Japanese conglomerate inflated earnings by at least $1.2 billion since the global financial crisis.

Along with Tanaka, Vice Chairman Norio Sasaki and adviser Atsutoshi Nishida also resigned to take responsibility for accounting irregularities that occurred under their watch. The Tokyo-based company said Tuesday it will correct earnings by at least 152 billion yen, based on the results of an independent investigation of its books stretching back about six years.