Toshiba escapes penalty after US accounting probe

 
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Views Of Toshiba Corporation's Tokyo headquarters amid Accounting Scandal
Toshiba will not face a fine in the US (Source: Getty)

An investigation into accounts at Toshiba has concluded without any penalty for the firm.

The US Securities and Exchange Commission (SEC) launched the probe after a scandal in 2015 uncovered errors in its books.

But a Toshiba spokesperson told Reuters today that the SEC investigation had been completed without imposing a fine or censuring the company.

Fallout from the debacle pushed the conglomerate to go ahead with a £13bn sale of its chip arm to a Bain-backed consortium.

Toshiba was forced to look for a buyer after the company lost billions of dollars in cost overruns at its Westinghouse nuclear unit.

The conclusion of the US investigation will be a relief for the company, which has already paid a $60m (£45.3m) fine to Japanese authorities.

Japan's watchdog found that a lack of internal controls had meant employees could overstate profits to meet targets.

Earlier this month, Toshiba revealed a record-breaking $6.3bn share buyback plan.

The decision was made as part of a pledge to share the proceeds of the memory chip business.

Toshiba also recently sold a majority stake in its personal computer business to Japanese electronics maker Sharp.

Read more: Japan's Sharp is buying Toshiba's PC unit, but its share price is falling

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