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Japan: Toshiba cheating
  • Toshiba Corp. said it has identified 30 more executives involved in an accounting scandal that has already led to resignations of three former presidents and reduced reported profit by about $1.3 billion.

    The managers will be punished, but will stay on at the company, President Masashi Muromachi told reporters at a briefing in Tokyo on Thursday.

    The company received a vote of confidence from its banks this week amid uncertainty about the eventual costs for an accounting scandal that is still been investigated by regulators. Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd. and Sumitomo Mitsui Trust Bank Ltd. added a two-year 400 billion yen credit commitment.

    Toshiba may lay off staff in its underperforming home appliances, TV and PC businesses and seek a partner for its nuclear operations to overhaul the company after a $1.3 billion accounting scandal, its chief executive said on Thursday.

    http://www.bloomberg.com/news/articles/2015-10-01/toshiba-says-30-more-executives-identified-in-accounting-scandal

    http://uk.reuters.com/article/2015/10/01/us-toshiba-ceo-idUKKCN0RV3S620151001