Toshiba sues ex-execs after accounting scandal

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TOKYO: Toshiba said Saturday it sued five former executives for damages over their alleged roles in a huge accounting scandal, as it announced a deep six month operating loss. The announcement came as the 140-year-old company attempts to restore its reputation following a billion-dollar profit-padding scandal, stemming from top executives pressuring underlings to systematically inflate financial figures for years. Following a probe by a company-hired panel of experts, Toshiba said it was demanding the men, including three former presidents, pay a combined 300 million yen or $2.4 million. The amount could increase if the firm finds additional grounds to seek further damage, Toshiba said.

AFP

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