TOKYO: Top executives of Japanese conglomerate Toshiba were systematically involved in overstating more than $1.2 billion in profits, the firm’s independent panel has warned in a report, according to local media. The firm has hired an outside team of investigators to look into its accounting irregularities, which were unveiled after the nation’s securities watchdog probed its balance sheet earlier this year. Toshiba said last week the third-party panel, headed by a former Tokyo prosecutor, would release a summary of the report at around 9:00 pm (1200 GMT) on Monday. The accounting irregularities are believed to have affected its mainstay infrastructure-related, semiconductor, television and personal computer businesses. Toshiba, has already admitted that some of its businesses would need to go under the microscope, although the extent of the problems - and who is responsible - remains unclear.
Published in The Express Tribune, July 21st, 2015.
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