Toshiba asks loan 2280 million after receiving record fine – publico

                 

                         
                     

                 

 
 

The Japanese company Toshiba announced on Tuesday he would seek a new credit of 300,000 million yen (2,280 million euros) to carry forward the process of restructuring after the accounting fraud scandal unmasked this year.

At the end of the day off it was to know that the company will have to pay a fine of 7370 million yen (approximately EUR 55 million) for having manipulated the accounts between 2007 and 2014. According to Bloomberg , the Japanese company has until February 25 to pay the fine imposed by the regulator of the Japanese financial market. This is the largest ever penalty imposed by a regulator in an Asian country.

“Sorry again to all our stakeholders, including our shareholders and investors by caused worries and inconvenience,” he said the company said in a statement quoted by Kiodo agency that ensures that it will pay the fine.

The decision by the Japanese regulator was formalized on Thursday and surpasses 1600 million yen (12 million euros) taxes the multinational IHI in 2008, also for falsifying financial data.

Toshiba has received a credit of 400,000 million yen (3040 million euros) of various Nipponese banks last September and subsequently announced that would carry out a new phase of restructuring to recover from the serious economic problems compounded by the accounting scandal. The new credit will be financed by Nipponese entities Mizuho Bank and Sumitomo Mitsui, as indicated company sources the Kyodo agency.

The technology company and infrastructure was forced to resort to bank loans because it does not was able to obtain sufficient funds in the financial market, as their titles were put “on alert” by the stock market regulator due to accounting manipulation scandal, one of the largest ever in Japan.

Between 2007 and 2014, the company overestimated its revenues 224,800 million yen (1,680 million euros) and inflated its operating income 155 200 million yen (EUR 1160 million), according to data provided by Toshiba itself.

Toshiba provides recorded record losses of 550,000 million yen (4198 million) in the current year, a deficit that stands to be due mainly to restructuring costs, which involves a reduction of at least ten thousand jobs, half of which outside of Japan.