toshiba-corp

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Japan's Toshiba Corp plans to sell part of its chip business as it aims to recover from a $1.3 billion accounting scandal, three people familiar with the matter told Reuters on Saturday. The electronics conglomerate has started accepting bids, with early interest shown by the Development Bank of Japan Inc, said the sources, who declined to be identified because they are not authorized to talk to the media. The state-owned bank has already invested in Seiko Holdings Corp's semiconductor operations.

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Japan's financial watchdog plans to seek a financial penalty on Toshiba Corp , currently being investigated by an independent committee over accounting irregularities, the Nikkei reported on Saturday. The Securities and Exchange Surveillance Commission (SESC) believes the company falsified financial statements and will recommend as early as September that the Financial Services Agency impose a fine, the business daily said, citing sources. An SESC spokesman declined to comment, while Toshiba officials were not immediately available for comment.