Foreign Investors Sue Toshiba Over Accounting Scandal (reuters.com) 17
A group of investors, mostly foreign institutions, are suing Toshiba in a Tokyo court for 16.7 billion yen ($162.3 million) in damages, over a $1.3 billion accounting scandal uncovered last year. Reuters adds: Toshiba said in a statement on Thursday that the 45 unnamed shareholders were seeking compensation for damages caused by its "inappropriate accounting". It will take an unspecified provision to cover any eventual payout, Toshiba said. The laptops-to-nuclear conglomerate has been sued by 15 groups and individuals since it first admitted to reporting inflated profits going back to 2008, including Japan's public pension fund. GPIF, the world's biggest pension fund, has been shifting into shares to attempt to boost returns. Thursday's case, however, is the largest - the remaining suits are seeking a combined 15.3 billion yen in compensation. Toshiba is still overcoming the reputational and share price hit of an investigation last year that found widespread accounting errors throughout its sprawling business, blaming a corporate culture in which employees found it difficult to question their superiors.
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Something's going on with these bots lately. They're posting coherent, intelligent, well thought out replies that just flatly have nothing to do with the original post or are just blatantly incorrect, or information like this (correct, but not news) but wants to sound so concerning. It's really strange. Like this "news" is almost exactly 5 years old to the day.
I wonder if it's some kind of code that's being hidden in plain view or something?
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Something's going on with these bots lately. They're posting coherent, intelligent, well thought out replies
They merely look coherent compared to the bots that are doing OPs these days
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You are a bad human being.
Impossible (Score:2)
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This is impossible. The Japanese "honor/Bushido that is so ingrained in their culture would make this an impossibility. Truthfulness is a major pillar of Bushido. What a fucking joke.
The Government of Meiji tried to eliminate all of that samurai stuff in the 1870's starting with the Haitorei Edict. Is it any surprise that 140 years later honor isn't valued like it once was. They wanted to westernize Japan, this appears to be another step in that direction.
In other words, it's a bunch of Bullshido.
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Vaguely familiar (Score:2)
At least we know that the Far East isn't so different after all.
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I think the clue is in the summary where it says the shareholders are "mostly foreign institutions", i.e. corporations. For a corporation quarterly figures seem to be more important then long term considerations. Once the lawsuit payout has boosted one quarter's income and secured an executive bonus then it won't matter if the dividends or share value are reduced. Someone else's problem.
How does suing the company make sense? (Score:1)
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Peter, Paul, Mary, Beth, Steve and Saul are all shareholders of a corporation. The management of the corporation does something wrong, causing financial losses for the corporation and the stock price declines as a result of the losses.
Saul is a wealthy shareholder and the only one who can afford to sue the corporation for his losses. His suit is successful, and he obtains a settlement of $12 (just making the math easier for me), or $2 per shareholder.
His shareholder liability is just $2, so he nets an add
Interesting outcome (Score:2)