TOKYO: Japan's securities watchdog recommended on Monday that Toshiba Corp be fined a record 7.37 billion yen ($59.8 million) for its accounting violations.
The move came after the industrial and electronics conglomerate admitted in September that it had overstated profits by 155 billion yen ($1.3 billion) over about seven years.
The Securities and Exchange Surveillance Commission made the recommendation to the Financial Services Agency. The fine would exceed the previous record of 1.6 billion yen paid by industrial conglomerate IHI Corp in 2008. ($1 = 123.2900 yen).
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