Toshiba Sues Five Former Executives Over Accounting Scandal
- Company seeking 300 million yen damages from former presidents
- Second-quarter earnings rise 38 percent after selling holdings
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Toshiba Corp. sued five former executives as the company tries to recover from accounting irregularities that have led to profit writedowns of more than $1.2 billion over almost seven years.
Toshiba is suing three former presidents and two former chief financial officers for 300 million yen ($2.4 million) of damages, the Tokyo-based company said in a statement Saturday. Those being sued include Hisao Tanaka, Norio Sasaki and Atsutoshi Nishida, who stepped down in July to take responsibility for improper accounting.