Japan Securities Watchdog Recommends Record $60 Million Fine For Toshiba

[Ron Burgundy]

By Taiga Uranaka TOKYO (Reuters) - Japan's securities watchdog on Monday recommended Toshiba Corp be fined a record 7.37 billion yen ($59.8 million) for a massive accounting violation, as the country seeks to rebuild a corporate image shattered by a series of high-profile wrongdoing. The scandal, coming less than four years after accounting irregularities at Olympus Corp, was a blow to government efforts to attract global investors to Japan with improved corporate governance and management that is more responsive to shareholders. Earlier in the day, fifty individual shareholders of Toshiba sued the conglomerate in Tokyo, seeking 301.99 million yen in damages brought about by stock losses.

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