Japan’s GPIF Pension Fund Sues Toshiba Auditor Over Investment Losses

www.oann.com | 3/30/2017 | Staff
Kota79Kota79 (Posted by) Level 4
TOKYO (Reuters) – Japan’s giant Government Investment Pension Fund (GPIF) has sued the local affiliate of global accounting firm Ernst & Young, claiming $31 million for losses on investments in Toshiba Corp stemming from the conglomerate’s accounting scandal in 2015.

Toshiba has been on the Tokyo Stock Exchange’s supervision list since mid-March as it has failed to clear up concerns about its internal controls after the $1.3 billion accounting scandal. That scandal preceded the crisis now engulfing Toshiba over billions of dollars in cost overruns at its now bankrupt U.S. nuclear unit Westinghouse Electric Corp.

World - Pension - Fund - Suit - Month

The world’s biggest pension fund filed the suit last month, seeking 3.5 billion yen ($31.40 million) in damages from Ernst & Young ShinNihon LLC, saying the auditor failed to...
(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
The truth fairly and honestly presented, will be spun as a lie by a politician.
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!