Toshiba covers itself for another accounting scandal

Toshiba Corp President and Chief Executive Officer Hisao Tanaka attends a news conference on panel to examine accounting issues in Tokyo May 15, 2015. REUTERS/Issei Kato

Troubled electronics maker Toshiba seems likely to be sailing to yet another accounting scandal.

A security watchdog suspects the Japanese conglomerate has misreporting profits by $339.59 million over three years.

It seems that the beancounters at Tosh add up just as well as we do. Not only is the just the latest  of misreporting of figures the outfit has admitted it may face a multi-billion dollar writedown over its US nuclear business.

The Asahi Shimbun newspaper reported that the Securities and Exchange Surveillance Commission would present allegations of accounting fraud to prosecutors, who had previously declined to investigate due to a lack of evidence.

The watchdog found that Toshiba had reported profit gains in its computer operations during the 2012-2014 financial years, when the section had not generated any profit, the newspaper reported citing unidentified sources.

Toshiba’s two CEOs and a chairman at the helm of the company during that period were involved in the alleged cheating, it added.

The investigation could open the way to formal criminal charges against the company and its former executives.

Tosh is saying nuttin of course.