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...
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