Fine record leads Toshiba asking 2280 million in loans – EN Journal

The fine record of 55 million euros for accounting fraud, left to Toshiba in terrible sheets. Unable to finance themselves in the markets, the company had to apply for a loan of EUR 2280 million to pay the fine, continue with the restructuring and lay off employees

. <- ad injection: random ->

Scandal sequelae’s not yet reached the limit, despite the Japanese technology have already laid off 10,000 employees.

The main problem of Toshiba was the ‘small exaggeration ‘in the accounts: between 2007 and 2014, the company overestimated revenues by 224,800 million yen (1,680 million euros) and inflated operating income of 155,200 million yen (EUR 1160 million)

. After uncovered the scandal, the authorities imposed a record fine:. 7370 million yen, about 55 million euros

To be able to pay the fine and continue with the restructuring process, the technology had already appealed a credit of 400,000 million yen (3040 million), thanks to a banking consortium, for the titles in the bag are “on alert”, which means (in practice) that Toshiba can not finance themselves in the markets.

Now, the Kyodo agency reveals that the company had to borrow again, amounting to 2280 million, granted by the Japanese financial Mizuho Bank and Sumitomo Mitsui.

Estimates indicate that Toshiba presents record loss of 550,000 million yen (4198 million) in the current year, caused mostly by the restructuring costs, which has led to dismissal of some 3200 employees

. <- ad injection: random ->.

they will join soon, according to the technological plans, more 6800 workers

The restructuring aims to focus the group’s activity in chips and nuclear power production units.

The accounting fraud, discovered in February this year, has become one of the biggest financial scandals in Japan in the last years.