Toshiba – accounting scandal causes further woes

Toshiba looks set to cut 7000 jobs after making a record loss of $4.53bn after their $1.3bn accounting scandal.  

This news ends a woeful year for the accounting scandal-hit electronic giant. The revelations led to the resignation of Toshiba president and vice president. The BBC has reports that Toshiba’s shares have lost about 40% of its value since news of the profit overstatement began to emerge in April.

Tosbia said in a statement: “By implementing this plan, we would like to regain the trust of all stakeholders including shareholders and transform ourselves into a robust business.”

Cosmetic tax fraudster

A beauty product trader has been jailed after an HMRC investigation which found she had stolen £750,000 in VAT by tampering with paperwork she could increase her repayment claims.

Chyi Chiann Cheah was caught after HMRC officers found she had vanished to escape investigation. Over a ten year period, she produced and submitted false invoices and shipping documents to support her claims for VAT repayments

Paul Barton, Assistant Director, Fraud Investigation Service, HMRC said:“Cheah thought she could hide from HMRC and avoid the consequences of her fraud. She was wrong. She cheated the taxpayer out of hundreds of thousands of pounds which should have been spent on essential public services and is now paying the price as she starts her jail term.