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Toshiba execs resign in $1 billion accounting scandal

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Executives at electronics and industrial giant Toshiba resigned on Tuesday after a committee reviewing its earnings said the company padded its operating profit by about ¥156 billion (US$1.25 billion) over six years to the end of 2014.

Leaders at the company, which makes everything from vacuum cleaners to nuclear power plant equipment, were part of a “systematic” effort to embellish the earnings, according to the report by the independent committee, which Toshiba commissioned in May. The sum includes about ¥4.4 billion of incorrect earnings discovered in an internal probe by Toshiba.

As the company announced his resignation, President Hisao Tanaka apologized to a packed news conference at Toshiba headquarters in Tokyo.

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