‘Toshiba faces mega fine over accounting scandal’

The increase in sales figures could cost the Japanese tech conglomerate Toshiba dearly. The company itself expects to have to pay a mega fine of up to 3 billion euros, Reuters reports. The company’s CEO, Hisao Tanaka, should also step down.

The company expects to pay a fine of 300 to 400 billion yen, which amounts to between 2.2 and 3 billion euros, Reuters news agency reports citing anonymous sources. The company would have increased its turnover considerably: by more than 170 billion yen, converted 1.2 billion euros.

Toshiba had been anticipating an accounting scandal for some time, but initially the company thought that the turnover figures had been exaggerated by about 50 billion yen. That is 370 million euros. The company has engaged an outside agency to investigate the matter. The company’s CEO, Hisao Tanaka, is likely to resign, Reuters sources said.