Inactive Instrument

Toshiba

6502

JP3592200004

Toshiba: Japan trunk bank sues it for $120 million over accounting scandal

August 25, 2016 at 10:33 pm EDT

TOKYO (Reuters) - Toshiba Corp said on Friday a Japanese trust bank was suing it for 12 billion yen ($119 million) for losses stemming from the company's $1.3 billion accounting scandal last year.

Japan Trustee Services Bank had filed the suit with the Tokyo District Court on Aug. 9, the technology and industrial conglomerate said in a statement.

Toshiba said it would set aside a "reasonable" amount of cash to cover any damages and would revise its earnings guidance as needed.

(Reporting by Chang-Ran Kim; Editing by Richard Pullin)

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Toshiba Corp is a Japan-based company mainly engaged in energy system solutions business and other businesses. The Company operates in six business segments. The Energy System Solutions segment provides thermal power generation systems, nuclear power generation systems and hydroelectric power generation systems. The Infrastructure System Solutions segment provides water and sewage systems, broadcasting systems, radio equipment, environmental systems, road systems, transportation equipment, and battery systems. The Retail & Printing Solutions segment provides point-of-sale (POS) systems, multifunction devices. The Storage & Device Solutions segment provides power devices, small signal devices, optical semiconductors, mixed signal integrated circuits (ICs), hard disk drives (HDDs), semiconductor manufacturing equipment. The Industrial ICT Solutions segment provides information technology (IT) solution services. The Others segment provides logistics services.

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Toshiba: Japan trunk bank sues it for $120 million over accounting scandal

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