Toshiba Sues Three Former Presidents Over Accounting Scandal
- Company seeking 300 million yen damages from former executives
- Second-quarter earnings rise 38 percent after selling holdings
Atsutoshi Nishida, chairman of Toshiba Corp., from left, Hisao Tanaka, corporate senior executive vice president, and Norio Sasaki, president and chief executive officer, shake hands at a news conference in Tokyo.
Photographer: Junko Kimura/BloombergThis article is for subscribers only.
Toshiba Corp. sued three former presidents as the maker of personal computers and power plants tries to recover from accounting irregularities that have led to profit writedowns of more than $1.2 billion over almost seven years. Shares fell.
Toshiba is also suing two former chief financial officers as it seeks 300 million yen ($2.4 million) of damages, the Tokyo-based company said in a statement Saturday. The former presidents are Hisao Tanaka, Norio Sasaki and Atsutoshi Nishida, who stepped down in July.