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Mitsubishi UFJ Trust to sue Toshiba over 2015 accounting scandal

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TOKYO, Jan 30 (Reuters) – Mitsubishi UFJ Trust and Banking Corp is preparing to sue Toshiba Corp for 1 billion yen ($8.7 million) in damages after its share price tanked due to a $1.3 billion accounting scandal two years ago.

The trust bank is seeking compensation on behalf of its client pension funds, a spokesman said on Monday.

The development is an extra headache for the conglomerate which has plunged into crisis again.

It said on Friday it will sell a minority stake in its memory chip business as it urgently seeks funds to offset an imminent multi-billion dollar writedown, adding that its overseas nuclear division – the cause of its woes – was now under review.

The laptops-to-nuclear conglomerate said in October last year that it had been sued by 15 groups and individuals since it first admitted to reporting inflated profits going back to 2008. ($1 = 114.5400 yen) (Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)

Read more: http://www.dailymail.co.uk/wires/reuters/article-4170370/Mitsubishi-UFJ-Trust-sue-Toshiba-2015-accounting-scandal.html#ixzz4XD1Pi6jA

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January 30, 2017 - Posted by | Uncategorized

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