The Financial Services Agency on Friday imposed a record ¥7.37 billion fine on scandal-hit Toshiba Corp. for falsifying financial reports.
Japan’s financial watchdog set a Feb. 25 deadline for Toshiba to pay the fine. The company said it would pay the amount, adding, “We apologize again to all stakeholders, including our shareholders and investors, for having caused worry and trouble.”
The FSA said it made the decision Thursday after determining that Toshiba falsified its financial statements for fiscal 2011 and 2012, and documents related to the Japanese conglomerate’s issuance of corporate bonds.
The Securities and Exchange Surveillance Commission had recommended that the FSA impose a fine for the amount on Toshiba.
The fine topped the previous record of ¥1.6 billion imposed on IHI Corp. in July 2008 for issuing falsified financial statements.
Toshiba has announced job cuts and restructuring steps for its unprofitable businesses to emerge from the accounting scandal that has led to downward revisions totaling ¥224.8 billion on a pretax basis for nearly seven years.