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Regulators to seek penalty on Toshiba for false accounting

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Japan’s financial watchdog plans to seek a financial penalty on Toshiba Corp,

A financial penalty is a slap on the wrist as far as the perpetrators are concerned.

A criminal penalty in the form of prison time for those involved would be an infinitely more effective deterrent against this type of corporate fraud being committed by in the future executives of other companies.

-1 ( +1 / -2 )

Nothing to worry.....Japanese banks will take care...an additional bailout.

1 ( +1 / -0 )

"...believes the company falsified financial statements and will recommend as early as September"

TRANSLATION: "Everything has already been negotiated behind closed doors and now we will put off any action until September to give the general populace time to forget."

2 ( +3 / -1 )

They'll get slapped a minor fine for billions and billions in cooking in the books. Won't mean squat, and we'll be seeing the next company caught in the same scandal getting away with it tomorrow. Welcome to Japan.

5 ( +6 / -1 )

Just to clarify, Toshiba executives were recording all the sales but failing to record any the corresponding expenses to make it look like they were massively more profitable than they actually were. The real losers here are the shareholders who ended up paying unnecessary corporation tax on those imaginary profits.

What I really want to know whether the tax office is going to refund Toshiba for all that overpaid tax? If not, the taxpayers have been the real winners in all this. Unless Toshiba executives are convicted as criminals, I think the tax office should say 'tough luck' to the shareholders. They can try to sue Tanaka and the others personally for professional negligence in order to recover some of their money.

2 ( +2 / -0 )

Accounting Fraud on a truly monumental scale pure and simple, yet no recourse to Judaical process......

3 ( +3 / -0 )

Throughout this reporting we have heard nothing from the external auditors. I know them - do they wish to comment EY? Huberts2

3 ( +3 / -0 )

Japan’s financial watchdog plans to seek a financial penalty on Toshiba Corp, currently being investigated by an independent committee over accounting irregularities, the Nikkei reported.

About time. But rest assured that it will be no more than a slap on the wrist.

0 ( +3 / -3 )

I am curious to know an auditor for Toshiba. Anyone?

3 ( +3 / -0 )

I am curious to know an auditor for Toshiba. Anyone?

Ernst & Young ShinNihon. Although to be fair to the acountants, the audit process isn't designed to work very well if everyone in senior management (not just one bad apple) is actively conspiring to decieve them.

2 ( +2 / -0 )

Any semblance of governance was swept aside, the accounting process for infrastructure projects where delivery cost-price estimates were ludicrously low, shortly followed by markdowns on operating profit for years 2011/2/3. The percentage on completion mention of accounting is ad-hoc evaluation at best, bad debts are filed away as 'operating expenses'. No one is any the wiser as little or no explanation has been forthcoming.

1 ( +1 / -0 )

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