Toshiba avoids being fined over its accounting practices

Toshiba Corporation has said that it has not been fined by US regulators following the conclusion of an investigation into its accounting practices.

The US Securities and Exchange Commission (SEC) was investigating alleged accounting irregularities at the Japanese firm's US businesses.

According to Toshiba, "We understand that all SEC investigations regarding our accounting have been completed.”

Speaking to Reuters a spokesman for the company said that there was no penalty or censure.

Toshiba's accounting scandal, which broke in 2015 and went back over seven years, uncovered widespread errors at the Japanese laptops-to-nuclear conglomerate.

The scandal resulted in the company recognising huge cost overruns at its now-bankrupt U.S. nuclear unit Westinghouse, and forced it to sell its memory chip unit for $18 billion.

The SEC has not yet commented on the investigation.