The Securities and Exchange Surveillance Commission plans to recommend imposing a fine of some ¥7 billion on Toshiba Corp. for falsifying its financial reports, sources familiar with the matter said Wednesday.
The recommendation by the nation's securities watchdog is expected to be made to the Financial Services Agency by the end of November, based on the financial instruments and exchange law, the sources added.
Since improper accounting practices at its major divisions came to light earlier this year, Toshiba has made a spate of downward revisions to its past financial statements, totaling ¥224.8 billion on a pretax basis from April 2008 to December 2014.