Japan’s stock exchange ordered Toshiba to pay a record fine of Y91.2m ($750,000) in the wake of a $2bn accounting scandal, marking another reputational blow to the lossmaking nuclear-to-semiconductor conglomerate.
In a widely anticipated decision, the Tokyo Stock Exchange will, starting from Tuesday, also place the stock “on alert”, which would oblige Toshiba to file a report in a year on how it improved its internal controls. If the company fails to enhance its governance, shares will be delisted.
The penalties came as Toshiba released its long-delayed first-quarter results where it swung to a net loss on a decline in sales to their lowest level in two and a half years.
The original article can be found at www.ft.com