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Toshiba found 7 new accounting errors and $50 million

Staff writer |
Toshiba Corp. revealed additional accounting irregularities after a multi-billion dollar accounting scandal last year.

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Toshiba said it had overstated past profits by 5.8 billion yen ($51.30 million) on a pretax basis due to seven new accounting errors, on top of the 224.8 billion in overstated profits it has already announced.

Toshiba said the company had treated the additional errors as losses in financial reports for two quarters through December, but had not publicly announced them because the amount was below the threshold requiring regulatory disclosure.

The company "lacked awareness for appropriate disclosure", a Toshiba spokeswoman said.

Fixing responsibilities for the latest errors, Toshiba said it had "punished" 40 more employees, in addition to 26 which it said previously had been punished.

Toshiba also said it would aim to bolster internal controls by hiring a permanent auditor who will oversee its accounts to ensure the company complies with regulations.

Toshiba "will make a united effort to improve internal control and corporate culture," it said in a statement.

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