Japanese electronics giant Toshiba is facing some ¥28bn (£210m) of legal claims following the accounting scandal last year which saw the company admit it had overstated its profits by ¥224.8bn (£1.68bn) over a six year period
In a statement Toshiba said Japan Trustee Services Bank had filed an action at Tokyo District Court claiming ¥12bn for damages caused as a result of the company’s ‘inappropriate accounting’.
A note to the statement says that the amount being sought is only a proportion of an estimated ¥21.6bn of alleged losses or damages, and may be increased.
Toshiba says it has received 11 other claims for compensation since January, and that the total amount of claims lodged in all the actions comes to around ¥28bn.
The company statement says that ‘in relation to these actions, the company has recorded provisions for a reasonably estimable amount as required for accounting purposes.’
Toshiba’s corporate website has prominently displayed the statement: ‘Toshiba Corporation expresses sincere apologies to our shareholders, customers, business partners and all other stakeholders for any concern or inconvenience caused by issues relating to the appropriateness of its accounting treatments.
‘With the new management team and governance structure, Toshiba as a whole will unite to make every effort to regain the trust of shareholders, investors, all other stakeholders and members of the public, and asks for your understanding and ongoing support.’
At the end of last year the Japanese regulator the Securities and Exchange Surveillance Commission (SESC) has imposed a record fine of ¥7.37bn on Toshiba.
