Foreign investors sue Toshiba over accounting scandal

Rebuilding in progress: Toshiba is looking to merge its white goods segment with its counterpart at Sharp or another Japanese home electronics manufacturer. — Reuters

TOKYO: A group of investors, mostly foreign institutions, are suing Toshiba Corp in a Tokyo court for 16.7bil yen (RM676.86mil) in damages, over a US$1.3bil (RM5.48bil) accounting scandal uncovered last year. 

Toshiba said in a statement on Oct 13 that the 45 unnamed shareholders were seeking compensation for damages caused by its "inappropriate accounting". It will take an unspecified provision to cover any eventual payout, Toshiba said.