Fictitious transactions at Toshiba subsidiary
NHK -- Jan 19
Toshiba Corporation says it has confirmed that there were irregularities involving fictitious transactions at a subsidiary. The manufacturer is in the process of reconstructing its business.

Toshiba says that in November of last year, sources outside the company warned of dubious transactions taking place between Toshiba IT-Services Corporation based in Kawasaki City and other firms.

An internal investigation has confirmed that fictitious transactions were taking place.

Toshiba says that so far it has established that sales worth 20 billion yen, or about 180 million dollars, from fictitious transactions that occurred between April and September last year were included in financial statements.

Toshiba plans to expunge them from its earnings' report for this fiscal year. It's also investigating the possible impact on its group's overall earnings.

News source: NHK
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